Realm Energy In Line to Win Additional Spanish Shale Concessions
Realm Energy International Corporation has been awarded two permits for shale gas exploration in the Cantabrian Basin of Northern Spain.
The concessions, totaling an area of 212,099 acres (858 km2) have been granted for a period of six years.
Realm Energy, in collaboration with Halliburton Consulting, has been evaluating shale plays in numerous sedimentary basins in Spain for approximately two years. Following this detailed evaluation, the Company submitted 10 applications in five discrete sedimentary basins, collectively comprising over 2.2 million acres (8,903 km2).
Realm Energy reported that of the eight permit applications still in process, it has been advised by Hydrocarbons Department of the Spanish Ministry of Industry, Tourism & Commerce that it was also the successful applicant on six of the permits, which collectively total 1,512,383 acres (6,120 km2) and are now in process for formal award.
Of the 10 permits applied for (covering 2.2 million acres), the success of only two permits (covering 503,887 acres (2,039 km2) is yet to be determined.
Realm believes the shales in all concessions are thermally mature and may be prospective for natural gas production. Initial analysis of existing well logs indicates that primary targets are likely to be Eocene, Cretaceous and Carboniferous shales at depths ranging from 6,000-11,000 feet.
On August 26th, Realm Energy and San Leon Energy plc announced that they entered into an agreement pursuant to which San Leon will acquire all of the issued and outstanding shares of Realm Energy.
Source: Realm Energy