PRD Energy (TSX: V.PRD, Stock Forum) Friday said it has been awarded the Ostrohe Exploration License covering approximately 156,000 acres as well as the Prasdorf Production License covering approximately 2,000 acres within the Northwest German Basin, which is onshore in Germany, this according to a company news release.
The Ostrohe license is awarded for an initial period of five years and includes all rights surface to basement. PRD is committed to bringing one well onto production within the initial five-year term.
Prasdorf Production License is awarded for an initial period of three years and includes all rights surface to basement. PRD is committed to bringing one well onto production within the initial three-year term.
PRD Energy added that its German subsidiary has also applied for several other exploration and production licenses in Germany.