Realm Energy Announces Joint Participation With ConocoPhillips in Paris Basin

abarrelfullabarrelfull wrote on 18 Jul 2011 06:48
Tags: conoco france realm shale upstream

Latest News

{"module":"feed\/FeedModule","params":{"src":"http:\/\/\/feed\/pages\/pagename\/blog%3A_start\/category\/blog\/limit\/10\/t\/My+Blog","limit":"3","module_body":"* %%linked_title%%"}}
  • Want a weekly review of refining news?

Realm Energy International Corporation (“Realm Energy”) or the (“Company”) (TSX-V:RLM) ( is pleased to announce it has entered into a farmout agreement with ConocoPhillips to conduct joint exploration activities in the Paris Basin, France.

Realm Energy has made applications for exploration licenses for 1.65 million acres in the Paris Basin. The applications comprise nine separate exploration permits and include all rights to explore for oil & gas in all formations underlying the lands. The time frame for making applications for the licenses has ended. Realm Energy has entered into a farmout agreement (the “Farmout Agreement”) with ConocoPhillips for the purpose of conducting joint exploration activities on selected exploration licenses that may be awarded as a result of these applications. The Farmout Agreement provides Realm Energy with a limited carry on exploration expenditures and financial incentives conditional on acreage acquired and activity levels permitted by the Government. Realm Energy will be the designated operator for the initial exploration phase; ConocoPhillips has the option to operate thereafter. The Farmout Agreement is conditional on the final award to Realm Energy of permits for a portion of the lands in the Paris Basin, and government approval of the joint participation of Realm Energy and ConocoPhillips.

Craig Steinke, Chief Executive Officer of Realm Energy, stated, “ConocoPhillips brings a wealth of experience in oil & gas operations as well as a high level of health, safety and environmental standards. Realm Energy is looking forward to working with ConocoPhillips on joint operations in France and having a long and successful partnership.”

Exploration activities in the Paris Basin are currently restricted by the Government of France so as to prohibit hydraulic fracturing as part of the petroleum exploration and development process. In connection with their joint exploration activities, Realm Energy and ConocoPhillips will comply fully with all relevant legislation governing petroleum operations in France.

Unless otherwise stated, the content of this page is licensed under Creative Commons Attribution-ShareAlike 3.0 License