PRD Energy has been awarded the Molme Production License covering approximately 3,400 acres in Germany. The license is located onshore in the state of Lower Saxony, Germany and has been awarded to PRD Energy GmbH, a wholly-owned subsidiary of the Company.

The Molme Production License includes a previously producing field which was abandoned in 1995 during a low oil price environment and prior to the advent of modern drilling and completion technology. The license was awarded for an initial period of three years and includes all rights surface to basement. Pursuant to the terms of the license, PRD is committed to bringing at least one well onto production within the initial three year term. The award of this license is subject to the review and approval various municipal and state government authorities.

PRD Energy has also applied for several other exploration and production licenses in Germany and anticipates responses to these applications in the coming weeks. In addition, PRD Energy continues to negotiate with the major operators in the area to pursue farm-in and acquisition opportunities.

Tags: PRD Energy