The joint venture partner Royale Energy announced, but did not name, April 10, is Australia-based Rampart Energy Ltd., listed on the Australian stock exchange as RTD.
The two companies closed their farm-in agreement at the end of May, a deal giving Rampart the ability to earn up to 38,000 net onshore acres of Royale’s 96,000 acre Alaska North Slope holdings that are prospective for both conventional and unconventional oil.
The transaction includes Rampart funding the drilling of two wells with horizontal legs in the Western Block of Royale’s acreage by March 31, 2015. The 10-year leases were issued to Royale by the State of Alaska in December.
Formerly a Vancouver, B.C., geothermal firm called Earth Heat Resources Ltd., in February shareholders approved a change of registration to Australia, followed in April by a change in name to Rampart Energy Ltd., which is more in keeping with its move away from geothermal energy in favor of conventional and unconventional oil and gas opportunities in mature petroleum provinces, specifically regions “that have established infrastructure and sophisticated investment environments,” per documents posted on the company website at www.rampartenergy.com.au
In a first quarter operations report, Earth Heat said the change was spurred by a “lack of investor or overall market interest in the geothermal sector.”
See story in June 2 issue, available online at 11 a.m., Friday, May 31, at www.PetroleumNews.com