The company recently secured approval to build the drilling pad and road whereas Beeman Drilling Services is now due to move its rig on location for operations to begin, which is scheduled by end of the year.
Rose is planning to drill the well to a total vertical depth of 3,200ft, enabling it to test both the Mancos shale as well as conventional reservoirs below the Mancos, which have been identified with 2D seismic.
Rose CEO Matthew Idiens said: "I am pleased to be able to announce the granting of the drilling permit and operations can now commence in earnest.
"We will mobilise the drill rig imminently and I look forward to updating the market further as operations develop. Rose has had a transformational year, despite the recent volatility of the oil market.
"With our large Prospective Recoverable Resources of both oil and gas and low break-even cost, we are now entering a very exciting period and have an opportunity to create significant value for shareholders."
In order to determine specific rock properties, Rose will take two whole cores as well as several rotary side wall cores for designing the horizontal well and the fracture stimulation treatment of the Mancos.
