Rose Petroleum plc, the AIM-listed natural resources company, is pleased to provide an update on its activities onshore US.

Earlier this year Rose announced that it had commenced the process of permitting six well locations in the Mancos Formation in the Uinta Basin, Utah. However, in consideration of the oil price environment, the Board is focused on delivering a campaign that seeks to maximise value for shareholders, while evaluating cost saving initiatives.

Although Rose's Mancos properties benefit from a low breakeven price, exploration in the current environment has a high risk attached to it and therefore, the Board considered it prudent to modify its drilling plans until commodity prices have rebounded.

Tags: Rose Petroleum plc