RHEP Rheochem

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

AGRUGUMWCUPGGAC

Rheochem (LSE:RHEP)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

Rheochem (LSE:RHEP)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024