North Sea Blocks Offer


 

TIDMRHEP 
 
RNS Number : 1542V 
Rheochem PLC 
28 October 2010 
 

28 October 2010 
                                  Rheochem Plc 
                          ("Rheochem" or the "Company") 
 
                             North Sea Blocks Offer 
 
Rheochem plc, the oil and gas business with oil services, production, 
development and exploration assets is pleased to announce that its 100% owned 
subsidiary Zeus Petroleum Ltd "Zeus" has been offered eight appraisal and 
exploration blocks in the UK 26th Seaward Licensing Round by the UK Government 
Department of Energy and Climate Change. Zeus will be the operator of the blocks 
with a 90% interest. Partner Aimwell Energy has a 10% carried interest. 
 
The Blocks offered are: 
 
3/5 & 3/10c: 
A 1980's gas discovery where low flow rates were encountered but a potentially 
large gas-bearing area has been mapped. Modern drilling/engineering practices 
should increase flow rates. These blocks are located adjacent to the Alwyn 
Fields, with infrastructure and facilities currently operated by Total. 
 
9/17b & 9/22b: 
These blocks contain a possible unrecognised oil discovery. A  well was drilled 
in 1970's for a Jurassic target but encountered excellent shows over 150ft in 
the shallower Eocene horizon just down dip of a striking seismic analogy to the 
nearby Gryphon & Forth fields. The old well is thought to have been damaged 
during drilling by overbalanced drilling fluids. 
 
16/8c: 
Contains a well with proven oil on logs & RFT but was not tested. Numerous oil 
zones in different pressured sands. Close to Kingfisher field. Again modern 
engineering drilling practices are the key to unlocking reserves here. 
 
14/27b: 
This block was selected as protection acreage for the existing Thunderball gas 
discovery in 14/26b which is already licensed to Zeus. This block could contain 
significant upside potential, located directly up dip of the Thunderball 
discovery. 
 
14/17: 
Protection acreage for 14/11 to the NW (The southeast part of the Metis prospect 
is mapped into 14/17) .The Athena development in 14/18b is  to the southeast. 
 
13/16b: 
Zeus has previously commissioned a competent persons report on this block which 
highlighted five prospects and two leads with total mid case recoverable 
prospective resources of 109mmbbls (98mmbbls net to Zeus). 
 
The blocks are offered as promote licences. Promote licences allow Companies to 
get a Production Licence first and attract the necessary operating and financial 
capacity later The annual rental rate on a Promote Licence is reduced by 90% for 
two years. The licence will be drafted so as to require financial technical and 
environmental capacity to be in place, and a firm drilling (or agreed equivalent 
equally substantive activity) commitment to have been made, by the end of the 
second year, or the licence will expire at that time. 
 
Haydn Gardner, CEO of Rheochem said: 
 
"We are extremely pleased to have been offered these exciting appraisal and 
exploration blocks and look forward to the final award. This builds on the 
existing North Sea portfolio which includes a 10% interest in the Athena 
development, a 90% interest in the Thunderball gas discovery and a 100% interest 
in the large Metis prospect. The addition of these blocks adds significant 
acreage to our E&P business with upside potential on known hydrocarbon systems 
and in which we have considerable equity interests. 
 
Mike Rose, a non-executive director of Rheochem is also a director of Aimwell 
Energy. 
 
- Ends - 
 
For further information please contact: 
 
+------------------------------------+--------------------------+ 
| Rheochem Plc                       | +61 (8) 9410 8200        | 
| Haydn Gardner, CEO                 |                          | 
|                                    |                          | 
+------------------------------------+--------------------------+ 
| Financial Dynamics                 | +44 (0) 20 7269 7207     | 
| Billy Clegg / Edward Westropp /    |                          | 
| Alex Beagley                       |                          | 
|                                    |                          | 
+------------------------------------+--------------------------+ 
| Astaire Securities Plc             | +44 (0) 20 74924775      | 
| Shane Gallwey                      |                          | 
|                                    |                          | 
+------------------------------------+--------------------------+ 
| McCall, Aitken, McKenzie           | +44 (0) 20 7464 4062     | 
| Andy Yeo                           |                          | 
+------------------------------------+--------------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCLIFFAILLTFII
Rheochem (LSE:RHEP)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024