PRD lifts German acreage

Flying flag: PRD in Germany

Calgary-based player PRD Energy has been awarded an onshore licence in Germany to add to its existing acreage position in the country.

The newly acquired Uelzen exploration licence covers about 200,000 acres in Lower Saxony and is adjacent to the Steinhorst permit already held by the company.

PRD has a commitment to bring at least two wells into production under the initial five-year term for the Uelzen licence, with the award subject to approval by authorities.

The company, through its wholly-owned German subsidiary, has also applied for additional exploration and production licences in the country, where it currently holds a total of eight permits.

PRD is evaluating 3D seismic to firm up a location for an initial re-entry well on the Boerger licence, as well as other drilling sites, as part of an oilfield redevelopment scheme in partnership with French operator GDF Suez after farming in for a 50% stake in the permit last year.

The company also agreed a deal with ExxonMobil last year to licence seismic, geological and production data on five of its Lower Saxony licences from the US supermajor to derisk their prospectivity.

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