News

MOORE acquires Millennium Geo-Venture

In February 2010 the company entered into an agreement with the shareholders in Bluebach Ressources SARL (Bluebach) and shareholders in Millennium Geo-Venture SAS (MGV), both French oil and gas exploration companies, to take over shares in the two companies. Acquisition of Bluebach was completed in February 2010.

In December 2010 MOORE completed a 100% take-over of MGV, partly through a share issue towards the previous shareholders of MGV and partly through cash payments. MGV has been active in France since 2005 and was awarded the Soufflenheim exploration license in the Northern Alsace in 2008 with a 55% working interest. Soufflenheim was a former oil producing concession (1954-68) operated by PREPA (acquired by Elf in the 1960’s) in the Rhine Graben, a proven hydrocarbon basin that has produced over 80 million barrels of oil and gas. MGV is the operator in the exploration phase while its partner Geopetrol will assume operatorship as fields come into production. Geopetrol already operates three fields nearby, producing 110 barrels of oil per day in this region.