Rose Petroleum has identified multiple drilling targets at Gunnison Valley Unit (GVU), which is part of its larger lease holding in the Paradox Basin, Utah, US.

The development comes after the company completed the initial structural interpretation of the 3D seismic data it acquired over the GVU.

According to the company, key geological structures targeted by 3D seismic have been identified across the acquisition area.

Through the interpretation, the company has so far identified 53 well locations in the Cane Creek reservoir zone, within the 20 square miles of the GVU acreage covered by the 3D seismic data.

Rose Petroleum CEO Matthew Idiens said: “The initial results from the 3D seismic acquisition are a watershed moment for the company, with the identification of multiple highly prospective, relatively low-risk drill targets with a COS of 56%, on our Paradox Basin acreage.

“The company is currently engaged in discussions with potential investors and partners to fund the drilling programme.”

“We believe this area represents a highly attractive drilling proposition, supported by excellent quality data that exhibits multiple drilling targets analogous to the structures of previously successful wells, to the south of our acreage.

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“The seismic acquisition, which was completed within time and under budget, has delivered on all its key objectives, and the company is now ready to move forward to the permitting and drilling of the company’s first Paradox wells.”

The company is currently engaged in discussions with potential investors and partners to fund the drilling programme.

As per the resource estimate, the 20 square mile area covered by the 3D is anticipated to have mean unrisked undiscovered original hydrocarbon in place of 450 million barrels of oil equivalent (mmboe), as well as a mean unrisked prospective recoverable resource of 32.5mmboe.