Rose Petroleum PLC's (LON:ROSE) Colin Harrington tells Proactive London's Andrew Scott they've signed a Letter of Intent to acquire a 9% interest in shale assets in the prolific DJ Basin in Colorado.
There is also an option to increase the working interest to around 80%.
A 12-well horizontal drilling programme has been proposed for the project with Rose’s share of the costs to be funded partly by a £1.25mln fundraise.