Rose Acquires German Onshore Licenses

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."



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  First Workers Complete New Industry Tr... (Mar 29)
 -  Mexico, UK Strengthen Ties with 5-Day ... (Mar 29)
 -  Sparrows Group Teams in Australia to D... (Mar 28)
 -  INPEX to Reorganize Natural Gas Busine... (Mar 28)
 -  Scottish Offshore Service Provider Pra... (Mar 28)


Most Popular Articles

From the Career Center
Jobs that may interest you
Field Project Assistant
Expertise: Project Management
Location: Midland, TX
 
United States Houston: HR Operations Partner
Expertise: Business Development|HR - General
Location: Houston, TX
 
United States Williston: Account Rep, Bus Dev
Expertise: Business Development|Marketing|Sales
Location: Williston, ND
 
search for more jobs

Brent Crude Oil : $52.42/BBL 2.12%
Light Crude Oil : $49.51/BBL 2.35%
Natural Gas : $3.17/MMBtu 2.25%
Updated in last 24 hours