Realm Energy has been awarded the Aschen Concession in the Weser-Ems region in the Lower Saxony Basin, Germany. The Aschen concession, 100km west of Hanover, covers an area of 15,888 acres and contains two mature, organically rich shale formations and several partially appraised oil and gas fields.
Primarily, Realm Energy intends to target the two organically rich shale oil and gas resource plays, the Lower Cretaceous "Wealden Shale" and the Lower Jurassic "Posidonia Shale." Both shales appear to be mature for oil/gas in the area and may also exhibit desirable overpressures. Secondarily, the Company will focus on conventional zones which are likely under appraised in the Diepholz and Bollermoor oil discoveries and the Aschen sweet gas field.
The concession has been awarded to Realm Energy, the sole permit holder, by the Lower Saxony Mining Authority for an initial period of three years. The Company will proceed in securing the extensive dataset available on these lands. To date, a total of 21 wells have been drilled on the license, mainly in the 1950s/60s, targeting oil in Cretaceous and Jurassic formations at depths of 1-2,000 meters. The dataset includes data from all 21 wells, extensive 2D seismic, blanket 3D seismic and 182 cores.
Proximal to the Aschen concession, partially on contiguous lands, a Multi-National, the dominant player in the area, has recently drilled various wells in the Lower Saxony Basin, some of which are believed to have targeted these shale resource plays.
"In collaboration with Halliburton's European and North American shale teams during the last year, Realm Energy has been immersed in a thorough technical analysis of European shale oil and gas resource plays. As a result, the Company has now submitted hydrocarbon concession applications on over 2.5 million high-graded acres, said Craig A. Steinke, Executive Chairman. "It is anticipated the Aschen concession is the first of numerous concessions to be awarded to Realm Energy over the next three quarters. Although lesser in areal extent, relative to other concessions Realm Energy is involved in, the Aschen concession has many desirable characteristics, including a good base of pipeline infrastructure, an extensive dataset and multiple organically rich and mature shale formations. Once we have acquired the dataset, Realm Energy looks forward to embarking on an exploration plan in this proven petroleum system."
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