LONDON (ShareCast) - US oil group Rose Petroleum has bought more exploration land in eastern Utah in the US for about $188,000.
Rose said its wholly owned subsidiary Rose Petroleum (Utah) LLC had acquired an additional 4,004.83 gross acres from the State of Utah and private owners within its Mancos development area.

It also bought 657.83 gross acres in its Gunnison Valley Unit in the Paradox development area.

In May, independent consultants to Rose said estimated oil and gas reserves in the combined Mancos Shale and Paradox Formation totalled about 1.45bn barrels of oil and 4.79bn cubic feet of gas.

Chief executive Matthew Idiens said: "We are pleased to be able to consolidate our land position further in the Unita basin ahead of spudding our first Mancos well, which I am happy to report remains on track for ahead of the end of the year. The initial well location has been selected and permitting is well underway."

Shares rose 0.1p or 3.4% to 3.02p at 15:11 in London.

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