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."
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