American Energy to purchase Reservoir Resources

American Energy Development has entered into an agreement to acquire Ireland-based Reservoir Resources, a company focused on the exploration of oil and gas basins in the UK.

With this acquisition, American Energy will have access to a total area of 240km² near BP’s Wytch Farm oil field.

The firm is planning to develop acreage using proven technology, which contains a seismic survey outlining the prospect and drill locations, which it believes will minimise risk.

The firm is also planning to construct a development programme for the region with drilling expected to commence in 2012.

The transaction is subject to the approval of the UK Department of Energy and Climate Control.