LONDON, UK, Sept. 24, 2012 /CNW/ - Global Oil Shale Holdings ("GOSH" or the "Company") is pleased to announce that it has signed a Memorandum of
Understanding ("MOU") on 17 September 2012, with the Minister of Energy and Mineral
Resources, His Excellency Eng. Alaa A. Batayneh in the Hashemite
Kingdom of Jordan. The MOU sets out the exploration and development
terms for two oil shale blocks; Attarat Umm Ghudran and Isfir Al
Mahatta in the central and southern regions of the country.
Jordan is poised to be the "First to Market" for shale oil production
with surface and near surface resources estimated at well over 100
billion barrels of shale oil. Initial core samples and geologic
assessments indicate that both of GOSH's MOU blocks have significant
shale oil potential.
The Company's objective is to explore, develop, and produce shale oil
from the two blocks. The initial target is to produce 8,000 barrels of
shale oil per day with the ultimate target of 50,000 barrels per
day. GOSH plans to commence the drilling program for both blocks
immediately. GOSH is also working with the Natural Resources Authority
("NRA") to market and promote Jordan's oil shale.
Company Director, Mr. Dominic Traynor said, "We are very pleased to sign
this MOU with the Minister of Energy and Mineral Resources and will
move quickly into an aggressive drilling campaign and exploration phase
so that the Company can delineate the area it plans to retain for
development. We intend to complete our preliminary assessment over the
next twelve (12) months."
The Company engaged Washington D.C. based, INTEK Incorporated to assist
with the initial techno-economic feasibility assessment and preparation
of MOU application & proposal to the NRA for the two blocks. INTEK will
continue working with GOSH as in-country management and technical lead
for the next phase of this project. INTEK President, Mr. Khosrow
Biglarbigi said, "There is a tremendous opportunity within Jordan to
develop a viable oil shale industry, and we are pleased to be working
with GOSH to achieve this outcome."
Moreover, Director of Corporate Communications for GOSH, Ms. Tamara
Mason said, "Global Oil Shale Holdings is honored to have this
opportunity to work with the NRA to explore and develop these important
oil shale resources, to contribute to Jordan's economic growth, and to
create employment opportunities within Jordan. GOSH will also be
working with the NRA to assist the local communities through its social
Global Oil Shale Holdings Limited is an oil shale exploration and
development company focused on the Hashemite Kingdom of Jordan. The
Company is actively engaged in the exploration and development of the
two blocks, Attarat Umm Ghudran and Isfir Al Mahatta with the total MOU
area of approximately 250 sq.km.
Please visit the Company's web site at www.goshjordan.com
Image with caption: "Jordan Map (CNW Group/Global Oil Shale Holdings)". Image available at: http://photos.newswire.ca/images/download/20120924_C9085_PHOTO_EN_18351.jpg
SOURCE: Global Oil Shale Holdings
For further information:
Director of Corporate Communication
Tel: +1 416 671 5617