Australia-based Rampart Energy has signed an agreement with US-based Royale Energy to conduct petroleum exploration in the onshore North Slope of Alaska.
As part of the deal, the company will earn up to 38,000 net onshore acres in North Slope of Alaska, which is located near the Prudhoe Bay oilfields that holds 50 billion barrels OOIP.
The agreement will also allow the company to jointly explore a 50,000 acre area, which includes both conventional and unconventional oilfields.
Conventional prospect is expected to hold about 600mmboe, which is situated 15km to the North West of the western farmin block and is near to the Moose Tooth resource.
The prospective Jurassic sands, which is present in the resource is expected to be jointly explored and exploited by both the companies.
The unconventional oil prospect is expected to hold the second highest estimated recoverable oil resource, only after BakkenShale.