12th Mar 2014 10:42
LONDON (Alliance News) - Rose Petroleum PLC Wednesday said it had now completed the acquisition of its new new hydrocarbon exploration concession in Bavaria, Germany, after the statutory period for legal challenges against the licenses expired.
The licence is both a conventional and unconventional oil play, meaning that hydraulic fracturing, or fracking may be used on the site, pending certain regulatory changes.
Rose had announced that it had been granted the concession in the Weiden Basin at the end of January. Rose is obligated to carry out a programme of works over the three years, including 2D seismic studies and geophysical measurements at an estimated cost of roughly EUR900,000.
In its statement Wednesday, the company said it had discovered that core and 2D seismic data had already been taken by previous owners at the site.
"Rose is actively progressing the project and has identified the present holders of both the 2D seismic data and also core from the Weiden-1 well, which we plan to re-analyse. Beyond Germany, we are working on additional projects and look forward to being able to update the market at the appropriate time," Chief executive Matthew Idiens said.
Rose Petroleum shares were up 10.3% at 0.634 pence Wednesday morning, one of the biggest gains on AIM.
By Steve McGrath; [email protected]; @SteveMcGrath1
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