Realm Provides Corporate Update
Realm Energy International today provided an update on its corporate activities in Europe.
Realm's common shares which are traded on the Toronto Stock Exchange Venture Exchange, sold off sharply on Friday.
Earlier today, LNG Energy Ltd. announced that it had entered into an agreement to acquire a 50% interest in Ilawa Concession and Wegrow Concessions in Poland from Source Energy Partners LP. Realm, though a subsidiary, holds the remaining interest. (Read More HERE)
Realm Statement:
Realm is on course in developing its diversified shale gas and shale oil portfolio in Continental Europe. The Company currently holds exploration permits in Poland and Germany, and has significant acreage under application in numerous, discrete European sedimentary basins.
Poland:
Realm presently holds 635,000 gross acres (465,000 net) under three exploration permits. Two of these exploration permits are located in the Baltic Basin, northern Poland and one is located in the Podlasie Basin, southeast Poland. The Company is completing the first year work commitments which include a geologic assessment of existing log and seismic data. As well, Realm is designing three seismic programs in order to assist in identifying optimum prospective drilling locations.
Germany:
Realm currently holds 15,888 acres located in the middle of the Lower Saxony Basin ("LSB"), southwest of Hanover. The Company is conducting a regional geological study of the LSB that should be concluded by the end of February 2011. There are two prospective organic rich shale units in the LSB that Realm is targeting in this investigation. There are also several wells with significant oil and gas shows in tight sandstones that are also being examined.
France:
Realm has in excess of 2.4 million acres in two discrete sedimentary basins under application in France. Of the 2.4 million acres under application, 1.65 million acres, structured through nine separate exploration permits, are in the Paris Basin.
Realm is currently in discussions with an integrated North American energy company and leading shale player to join the Company in developing the Paris Basin shale oil play. Among other issues, finalizing this joint venture arrangement is subject to the final award by French governmental authorities of exploration permits.
Other European Sedimentary Basins
In collaboration with Halliburton Consulting, Realm is immersed in an ongoing technical evaluation of new shale gas and shale oil opportunities in other European sedimentary basins. This in-depth subsurface work has resulted in additional, large-scale shale exploration opportunities in respect of which Realm has either submitted or is in the process or submitting new exploration permit applications.
Source: Realm Energy