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 the North Slope of Alaska, which is located near the Prudhoe Bay oilfields that hold 50 billion barrels OOIP.
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The agreement will also allow Rampart Energy to jointly explore a 50,000 acre area, which includes both conventional and unconventional oilfields.
The 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 Rampart Energy and Royale Energy.
The unconventional oil prospect is expected to hold the second highest estimated recoverable oil resource, behind only BakkenShale.
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By GlobalDataCompanies such as Shell, ExxonMobil, ConocoPhillips, BP, Statoil, ENI, Repsol, Pioneer Natural Resources and Linc Energy are also carrying exploration operations in the North Slope of Alaska.
Rampart Energy managing director and CEO Torey Marshall said the company has exposed shareholders to a highly prospective area, with an attractive fiscal framework.
"What is incredibly attractive about this for an ASX listed company is that compared to opportunities in the Cooper Basin, we can put a hole down to test significant conventional targets and at the sametime evaluate the unconventional prospectivity for much the same cost," Marshall added.
Royale Energy co-CEO Stephen Hosmer said the agreement will allow the company to develop majority of total 91,000 acre, located in the Alaska North Slope position.
