Rose Petroleum plc

Weiden Basin hydrocarbon licence completed


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.” 

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.