Rose Gains Third German Exploration License

Junior natural resources firm Rose Petroleum announced Friday that it has gained a third German onshore exploration license to add to the two it acquired via its purchase of Parkyn Energy Germany Ltd earlier this month.

Rose has been granted a new concession that covers 657,000 acres in the Weiden Basin in Bavaria, southeast Germany. The license period begins on February 1 2014 for an initial period of three years. Its terms oblige Rose to carry out a program of works over a three-year period to include 2D seismic and geophysical measurements designed to create a geological model of the area at an estimated cost of approximately $1.2 million.

The grant of the license follows Rose's recent acquisition of two licenses (Konstanz and Beiberach) in southwest Germany.

Rose CEO Matthew Idiens commented in a company statement:

"We are really encouraged by the continuing momentum we are gathering on the development of the oil and gas portfolio and are pleased by the approval of the Weiden license which, similar to the Konstanz and Beiberach licenses, will allow us to progress the conventional plays until the regulatory environment becomes clearer on unconventional plays.

"The obligations of the Weiden license work program are not too extensive, and should the initial results be positive, we will be in a position to fast-track a more extensive exploration programme. We will be looking to update the market further at the appropriate time."

Have a news tip? Share it with Rigzone!


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.


Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  Aker Solutions to Buy Brazilian C.S.E (Oct 21)
 -  Sea Trucks Group Secures Work Offshore... (Oct 21)
 -  Shell Divests Non-Core Oil, Gas Proper... (Oct 21)
 -  Petrofac Appoints New CFO (Oct 21)
 -  Wheatstone LNG Development Start-Up in... (Oct 20)

Most Popular Articles

From the Career Center
Jobs that may interest you
Technical Coordinator
Expertise: Client Representative|Process Management|Technical Writing
Location: Houston, TX
Executive Assistant
Expertise: Executive|Secretarial or Administrative
Location: United States
Regional Manager - Saybolt
Expertise: Executive|Operations Management
Location: Linden, NJ
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours