• CEO Leigh A. Hooper: “German oil is worth producing again.”
• Rhein Petroleum GmbH founded as a new company for the exploration and production of oil and gas resources in Germany
• Exploration permit granted for a 2,061 km² tract in Southern Bavaria
The German oil and gas explorer and producer, Activa Resources AG, announces the development of oil and gas resources in Germany through the newly formed Rhein Petroleum GmbH. In April, the Bavarian Economics Ministry granted the ”Schwaben-Süd” exploration permit covering 2,061 km² ( approx. 500,000 acres) in Southern Bavaria. Initial geological and geophysical studies have already begun, after which production of the existing oil and gas deposits is planned.
“The outlook for German oil is very positive. With the development of the tract in Southern Germany we expect to demonstrate that producing oil in Germany is highly worthwhile" states Leigh A. Hooper, CEO of Activa Resources AG.
"Germany has many deposits of oil and gas that are not currently developed and we are confident that there is significant potential to increase Germany’s current proven oil reserve base of 41 million tons (approx. 240 million barrels). We have reached an important first milestone with permission granted to explore in the tract in Southern Bavaria.”
The new company, Rhein Petroleum GmbH, has been founded for the exploration and production of oil and gas resources in Germany by Activa Resources, together with Deutsche Rohstoff AG and Herzford International Ltd. This new exploration company combines the many years of experience of Activa’s team with German mining expertise. Prof. Dr. Franz Nieberding, formerly Chief Geologist and Head of Global Oil and Gas Exploration at Preussag, with over 30 years of oil industry experience, will lead the technical and geophysical work programs.Profitable production at USD 50 per barrel realistic
“With the innovative, more rapid and more precise processes for the discovery and production of oil and gas, combined with the steadily increasing price of oil over the past ten years, it is now possible to profitably develop smaller deposits. Hooper adds: “The redevelopment of abandoned fields, such as those in Southern Bavaria, has become extremely interesting as a result. The development of smaller, domestic oil deposits becomes profitable at an oil price of around USD 50 per barrel. We aim to have oil flowing from Bavarian fields within three years."
“Schwaben-Süd” acreage potentially holds two to three million tons of oil
The new licence - “Schwaben-Süd” - is situated in the districts of Oberbayern and Schwaben, and stretches from Ammersee to Memmingen and from Arlesried to Kaufbeuren. The licence area includes the former Arlesried, Lauben, Lauberhart, Niederrieden and Heimertingen oil fields and also the natural gas and condensate discovery in Kinsau. Activa Resources estimates potential of two to three million tons of oil (approx. twelve to eighteen million barrels) along with additional natural gas deposits. The Kinsau and Arlesried acreage is likely to be the focus of the initial geological analysis. Production in the “Schwaben-Süd” oil and gas fields was discontinued in the 1980s and 1990s for economic reasons.
After successfully positioning itself in the USA as a specialist in the discovery of new deposits and redevelopment of existing ones, Activa Resources is now continuing to pursue its strategy of early market entry in potential growth markets. Rhein Petroleum is already in the process of securing additional acreage in Germany.