North Sea Farmout Agreement with PGS (2749E)
April 05 2011 - 2:00AM
UK Regulatory
TIDMRHEP
RNS Number : 2749E
Rheochem PLC
05 April 2011
5 April 2011
Rheochem Plc
North Sea Farmout Agreement with PGS
Rheochem Plc ("Rheochem" or the "Company") (AIM: RHEP, ASX: RHE)
today announces that its 100% owned subsidiary Zeus Petroleum
Limited ("Zeus")has entered into a Heads of Agreement with PGS
Exploration (UK) limited ("PGS") or its designated affiliate to
transfer a 40% stake in six North Sea blocks (16/8c, 3/5, 3/10c,
9/17b, 9/22b and 14/17) in return for the access to 3D seismic data
and associated seismic interpretation and engineering expertise
over these blocks. The agreement is subject to final contract,
joint operating agreements and UK Government approval.
Haydn Gardner, Chief Executive Officer of Rheochem Plc said:
"We are delighted to have PGS as a partner and believe their
proprietary seismic expertise and techniques will enhance the
technical evaluation of our North Sea blocks. Once finalised, this
agreement will allow us to fast track the evaluation of these
blocks and we look forward to working with PGS on these exciting
discoveries and prospects."
- Ends -
For further information, call:
Rheochem
Haydn Gardner, CEO +61 8 9410 8200
Northland Capital Partners
Shane Gallwey +44 (0) 20 7492 4750
Financial Dynamics
Billy Clegg / Edward Westropp /
Alex Beagley +44 (0) 20 7269 7207
McCall Aitken McKenzie +44 (0) 14 1249 6452
Bill McCall (Scotland) +44 (0) 20 7464 4068
Keith Hughes (London)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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