Rose Petroleum has withdrawn from two shale licences Germany due to the uncertain political situation with regard to unconventional hydrocarbons exploration in the country.
The company’s subsidiary, Parkyn Energy(Germany), has pulled out from the Konstanz and Biberach exploration licenses in Baden-Württemberg.
Rose Petroleum acquired two licences in Baden-Württemberg earlier in 2014 covering around 635,000 acres with each area represented to have about four target pay zones.
The company said it did not see any benefits in undertaking the licences, which had 15 months remaining, despite better preliminary results for exploration identifying unconventional targets.
The company will, however, retain its Weiden Licence located in the state of Bavaria, Southeast Germany, covering 657,000 acres.
Rose sees the Weiden licence area as prospective for conventional oil and gas targets, which are sufficient to undertake the required work programme.
Rose Petroleum CEO Matthew Idiens said: "With the current momentum we are building in respect of our Utah assets, we feel it is important that the Oil and Gas division of Rose remains firmly focused on those.
"In time we feel that the macro and micro environment in Germany should lead to further support for a much needed additional energy source but as we do not see this happening any time soon we have taken the decision to commit the Oil and Gas division’s time and resources to Utah as we seek to maximise its value for shareholders."
