GLOBAL OIL SHALE GROUP PLC AND NESTE JACOBS OY SIGN STRATEGIC OIL SHALE DEVELOPMENT AND ENGINEERING AGREEMENT

 

Global Oil Shale Group Plc (“GOS”) announces that it has signed a Strategic Oil Shale Development and Engineering Agreement with technology, engineering and project management company Neste Jacobs Oy (“NJ”) to collaborate in oil shale processing and plant design for converting oil shale into liquid fuel and gas as well as any upgrading required for synthetic crude oil production.

 

GOS is a global energy company exclusively focused on oil shale mining and processing. The company’s focus is to implement large scale mining and processing of the world’s kerogen rich oil shale deposits to synthetic crude oil with potential for significant electricity co-production and other value added products. GOS has a leading team of some 20 oil shale specialists with over 200 years’ experience in the development, management and production of oil from oil shale. The company has offices in London, Estonia, Australia and Morocco and has registered offices in St Helier (Jersey). www.globaloilshale.com

NJ is a preferred solution provider of high-quality technology, engineering and project services for a wide range of industries in the oil and gas, petrochemicals, chemicals and biotechnology fields. NJ has more than 50 years of experience in technology development and industrial investment projects as well as maintenance and performance improvement in Europe, North and South America, Asia and the Middle East, employing some 1,000 professionals globally. In addition to the Nordic countries NJ is looking to grow in the expanding markets of the Middle East and Russia, in particular. www.nestejacobs.com

 

NJ will act as a joint Co-ordinator and Project Manager to integrate details fromGOS‘s other partnerships for oil shale concentration and thermal processing in order to enable efficient modelling, scaling up and simulation of oil shale processes.

 

GOS has already assigned the first projects to NJ to be performed under the agreement.

 

Initial oil shale projects for the collaboration include GOS‘s 2.18 billion bbl oil shale project in Julia Creek, Queensland, Australia as well as GOS‘s oil shale projects in evaluation and preparation around the world including North Africa and the Middle East.

“We regard Neste Jacobs as a reliable and professional partner to co-operate with when reaching for our target production profile of up to 50,000 bbl/d for our oil shale development projects. We are really looking forward to a long lasting co-operation with Neste Jacobs”, says Petri Karjalainen, Executive Chairman of Global Oil Shale Group.

 

“The agreement with GOS is a significant milestone for our company and strengthens further Neste Jacobs’ already good position in Oil Shale business. We are glad to be able to help GOS to succeed in their innovative business”,says Jarmo Suominen, Managing Director of Neste Jacobs.

 

For more information contact:

 

Petri Karjalainen – Executive Chairman

Tel: + 44 7811 200 885     e-Mail:          pk@globaloilshale.com

 

Anton Eiguine – Investor Relations

Tel: + 44 1534 88 6644      e-Mail:         ase@globaloilshale.com