United Kingdom - Rheochem, the oil and gas business with oil services, production, development and exploration assets, has announced that its 50% owned subsidiary Zeus Petroleum, has been granted a twelve month extension to the initial term of its North Sea licence P1289 over Block 14/11. The initial term of the Licence is now extended to 21st December 2010 and Zeus is required to drill a well during this period to allow any further extension.
Zeus has a 100% interest in this licence and is the operator for the block. The block contains the large Metis Prospect. Zeus also owns a 10% interest in the Athena discovery in the North Sea, operated by Ithaca Energy.
A Competent Person's Report published by RPS Energy in April 2008 attributed unrisked recoverable prospective resources of 93 million barrels of oil on a best estimate basis and 392 million barrels on a high estimate to the Metis prospect. Zeus is currently looking for farm in partners to drill a well on block 14/11 in 2010 and has conducted a site survey in preparation for drilling.
Commenting on the announcement today Haydn Gardner, CEO of Rheochem, said: 'We are delighted to have extended this block for another 12 months. Zeus will continue to seek a farm-in partner and progress the block towards drilling in 2010. We have had a data room open for the past few months and have had significant interest in this block. We look forward to updating the market as and when appropriate.'
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