UK-based oil and gas start-up Rose Petroleum announced Tuesday that it has acquired two hydrocarbon licenses in southwestern Germany after buying up Parkyn Energy Germany Ltd. The news follows Rose's announcement in mid-January that it had appointed a Head of New Ventures.
After paying $540,000 (EUR 400,000) for Parkyn, Rose now holds the Konstanz and Biberach licenses, which are located within the large Molasse Basin and contain both conventional and unconventional petroleum plays. Several conventional oil and gas fields already exist in the Molasse Basin.
The Konstanz license covers an area of 369,863 acres and has significant historic data available, including two oilfields and two deep wells in the area, which have enabled the identification of four main targets. The Biberach licence covers an area of 266,073 acres and has less historic data than the first area, but the directors of Rose believe that it has similar target zones.
Rose CEO Matthew Idiens commented in a company statement:
"This announcement heralds Rose as a new petroleum company with exciting assets familiar to our experienced in-house technical team. Fortunately, as the licenses appear to have both conventional and unconventional targets, this will allow us to progress the conventional plays until the regulatory environment becomes clearer on unconventional plays. This is an exciting moment for the company and we look forward to updating our shareholders with progress."
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