Rheochem announce that its 50% owned subsidiary, Zeus Petroleum Limited, has been granted a twelve-month extension to the initial term of its North Sea license P1289 over Block 14/11. The initial term of the license is now extended to December 21, 2010, and Zeus is required to drill a well during this period to allow any further extension.
Zeus has a 100% interest in this license and is the operator for the block. The block contains the large Metis prospect. Zeus also owns a 10% interest in the Athena discovery in the North Sea, operated by Ithaca Energy.
A Competent Person's Report published by RPS Energy in April 2008 attributed unrisked recoverable prospective resources of 93 million barrels of oil on a best estimate basis and 392 million barrels on a high estimate to the Metis prospect. Zeus is currently looking for farm in partners to drill a well on block 14/11 in 2010 and has conducted a site survey in preparation for drilling.
Commenting on the announcement today Haydn Gardner, CEO of Rheochem, said, "We are delighted to have extended this block for another 12 months. Zeus will continue to seek a farm-in partner and progress the block towards drilling in 2010. We have had a data room open for the past few months and have had significant interest in this block. We look forward to updating the market as and when appropriate."
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