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PRD Energy Inc. has been awarded the Sittensen exploration license covering approximately 85,000 acres in Germany, the company announced.
The license is located onshore in the state of Lower Saxony, Germany, and has been awarded to PRD Energy GmbH, a wholly-owned subsidiary of the company. The company also holds the Volkensen production license which is within the boundaries of the Sittensen exploration license.
The license is awarded for an initial period of five years and includes all rights surface to basement. This license has a history of previous production within its boundaries. Pursuant to the terms of the license, PRD is committed to bringing at least two wells onto production within the initial five-year term. The award of this license is subject to the review and approval by various municipal and state government authorities.