The initial term of the licence is extended to December 21, 2010 and Zeus is required to drill a well during this period to allow any further extension. Zeus has 100% interest in this licence and is the operator for the block. The block contains a large Metis prospect. Zeus also owns a 10% interest in Athena discovery in North Sea, operated by Ithaca Energy.
A report published by RPS Energy in April 2008 attributed unrisked recoverable prospective resources of 93 million barrels of oil on a best estimate basis and 392 million barrels on a high estimate to the Metis prospect. Zeus is currently looking for farm in partners to drill a well on block 14/11 in 2010 and has conducted a site survey in preparation for drilling.
Haydn Gardner, CEO of Rheochem, said: “We are delighted to have extended this block for another 12 months. Zeus will continue to seek a farm-in partner and progress the block towards drilling in 2010. We have had a data room open for the past few months and have had significant interest in this block. We look forward to updating the market as and when appropriate.”
