GLOBAL OIL SHALE AND NATURAL RESOURCES AUTHORITY OF JORDAN (NRA) AGREE ON LETTER OF INTENT (LOI) ON OIL SHALE PROJECT IN JORDAN

 

Global Oil Shale Group Limited (“GOS”), oil shale development and processing company, is pleased to announce that it has received a Letter of Intent (LOI) from the Natural Resources Authority (NRA) of the Government of the Hashemite Kingdom of Jordan outlining detail of a 205 km2 oil shale block containing approx. 31 billion tons of oil shale and proposed for GOS.

 

Under the LOI the parties are currently in a process of finalising a 2 year work program for the Bayir block and an associated MOU for these purposes, which is expected to be completed by YE 2012. Following a 2 year work program and subject to positive results of the works, the government will enter into negotiations with GOS for a 40 year production concession.

 

Jordan is one of the key oil shale destinations with approximately 60% of land area containing oil shale and 12 active oil shale projects in development including Shell, Petrobras, Estonian Energy, JEML, JOSECO and TAQA.

 

For more information contact:

 

Petri Karjalainen – Executive Chairman
Tel: + 44 7811 200 885 Email: pk@globaloilshale.com

 

Anton Eiguine – Investors Relations
Tel: + 44 1534 88 6644 Email: ase@globaloilshale.com