Junior explorer Rose Petroleum confirmed Wednesday that its acquisition of a license covering 657,000 acres in the Weiden Basin in Bavaria, southeast Germany is now complete. The firm said that the statutory period for legal challenges against the award of the license to Rose has now expired.
The license period began 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.
Rose CEO Matthew Idiens commented in a company statement:
"Rose is actively progressing the project and has identified the present holders of both the 2D seismic data and also core from the Weiden-1 well, which we plan to re-analyze. Beyond Germany, we are working on additional projects and look forward to being able to update the market at the appropriate time."
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