Weiden Basin hydrocarbon licence completed
Rose Petroleum plc (AIM: ROSE)
("Rose" or the "Company")
Weiden Basin hydrocarbon licence completed
Rose Petroleum ("Rose"), the AIM-listed (Ticker: ROSE) natural resources company, is pleased to announce that the statutory period for legal challenges against the Company's licence in the Weiden Basin, Germany ("Licence") has now expired. No legal challenges to the Licence were registered. Further details on the Licence, which is held through the Company's wholly owned subsidiary Naab Energie GmbH, are contained in the Company's announcement on 31 January 2014.
The Weiden Basin is a sedimentary basin, located in southeastern Germany, containing up to 2800 metres of Upper Carboniferous-Lower Permian fluvial-lacustrine sediments, including black shales, coal beds and sandstones. In 1989, the Weiden-1 geothermal well was drilled by the municipality of Weiden and, following analysis, indicated the presence of oil in the Permian sandstones. A core, bleeding of oil, was recovered from the well.
Several 2-D seismic lines were shot across the area indicating a number of prospective conventional targets, but no additional wells have been drilled to date. The conventional targets consist of structural traps in the Permian sandstones charged with oil from Paleozoic source rocks. The seal is provided by interbedded shales. Oil was generated and expelled in the trough, and is trapped in the Permian sands as indicated by the Weiden-1 well.
Matthew Idiens, CEO, said, "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-analyse. Beyond Germany, we are working on additional projects and look forward to being able to update the market at the appropriate time."
For further information, please contact:
Rose Petroleum Plc +44 (0) 20 7225 4595
Matthew Idiens
CEO
Allenby Capital (Nominated Adviser & Broker) +44 (0) 20 3328 5656
Jeremy Porter / Alex Price
Lionsgate Communications (Public Relations) +44 (0) 20 3697 1209
Jonathan Charles / Lynn Carratt
John Blair, (BSc Geology and MSc Geophysics) Head of New Ventures for Rose Petroleum plc, who meets the criteria of a qualified person under the AIM Rules - Note for Mining and Oil & Gas Companies, has reviewed and approved the technical information contained within this announcement.
About Rose Petroleum
Rose Petroleum plc (AIM Ticker: ROSE) is focusing on developing its oil & gas portfolio, whilst seeking to create value from its historic mining portfolio. In late 2013, Rose raised additional capital and appointed John Blair as Head of New Ventures, and brought in an in-house technical team including geological and drilling expertise to pursue significant new oil and gas assets.
In 2014, the Company announced that it had completed the acquisition of three licences in Germany; two licences in Baden-Württemberg covering approximately 635,000 acres (2,560 square kilometres) with each licence area represented to have at least four target pay zones; and the third licence covering 657,000 acres (2,640 square kilometres) located in the Weiden Basin (northeast Bavaria). Management intends to build on these initial acquisitions to establish a balanced international asset portfolio.
For further information please consult the Company's website: www.rosepetroleum.com
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This information is provided by RNS
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