Rose Petroleum (LON:ROSE) has expanded its exploration footprint, with the receipt of a new concession in the Weiden Basin in the State of Bavaria, south-east Germany.
Over the course of the initial three year exploration period Rose will have to carry out a 2D seismic programme, and create a geological model. This will have an estimated cost of €900,000.
This new acreage is now the group’s third oil and gas licence in Germany, following the recent acquisition of the Konstanz and Beiberach licences.
Like Konstanz and Beiberach, this new 657,000 acre exploration area is prospective for both conventional and non-conventional oil and gas.
"We are really encouraged by the continuing momentum we are gathering on the development of the Oil & Gas portfolio and are pleased by the approval of the Weiden licence which, similar to the Konstanz and Beiberach licences, will allow us to progress the conventional plays until the regulatory environment becomes clearer on unconventional plays,” said chief executive Mathew Idiens.
“The obligations of the Weiden licence work programme 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."
Separately, Rose also announced board changes relating to the group’s refocusing on oil and gas (rather than the former Vane Minerals mining business).
Non-executive directors Steven Van Nort and Clark Arnold have resigned from the board of Rose Petroleum, but remain as consultants to the AVEN copper exploration subsidiary.
