Am on the move already this morning but had to mention the Rose announcement regarding the updated CPR on the Paradox project in Utah. Bearing in mind that this was focused solely on the single reservoir, the Cane Creek reservoir one of the multiple prospective areas in the Paradox formation it is incredibly good news .
I couldn’t put it better than CEO Matt Idiens who says ‘ we are hugely encouraged by the reclassification of Contingent Resources within the 3D seismic area reporting net to Rose a 2C Contingent Resource of 9.25 million barrels of oil, 18.5 bscf of gas and an unrisked pre-tax NPV-10 of $122m’.
Patient investors will welcome this extremely good news bearing in mind the significant upside potential and thus prospectivity of the Paradox project. More next week when I’ve chatted to Matt Idiens whom I’m sure will be delighted by this news.
SAVP has announced that it has spudded Kunama-1 in the R3 portion of the R3/R4 Area in the Agadem Basin in Niger. Primary target is Eocene Sokor Alternances and secondary is Eocene upper Sokor which would be considered as upside.