PRD Energy has been awarded the Ostrohe exploration license, which covers approximately 156,000 acres, as well as the Prasdorf production license, covering approximately 2,000 acres. Both licenses are located in the state of Schleswig-Holstein, within the Northwest German Basin.
The Northwest German Basin has a history of significant petroleum discoveries and a number of these discoveries have been made within close proximity to the Ostrohe license, said PRD.
The Ostrohe license is awarded for an initial period of five years and includes all rights from surface to basement. Pursuant to the terms of the license, PRD is committed to bringing one well onto production within the initial five year term.
The Prasdorf production license previously produced petroleum and was abandoned by its former operator in 1992. It covers approximately 2,000 acres and has been awarded for an initial period of three years and includes all rights from surface to basement. Pursuant to the terms of the license, PRD said it is committed to bringing one well onto production within the initial three-year term.
PRD's subsidiary in the country has also applied for several other exploration and production licenses in Germany on behalf of PRD, and anticipates responses to these applications in the coming months.
The awards of both licenses are subject to review and approval by various municipal and state government authorities in Germany.
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