Central European Petroleum Ltd (“CEP” or the “Company”) is pleased to announce that it has formally received sole title to the Guhlen Production License located in the eastern German state of Brandenburg. The Production License is the first to be awarded in eastern Germany since reunification and, at 330.3 square kilometers, is one of the largest in Germany. The initial term of the license is 30 years.
This award of the license is based on the test results obtained from the Company’s Guhlen-1a exploration well, drilled in late 2016, that produced approximately 1,670 BOE per day from a Permian Zechstein Stassfurt carbonate reservoir.
CEP is a private company headquartered in Calgary, Alberta primarily focused on the pursuit of petroleum exploration and production opportunities in Central Europe.
For further information, please contact Dr. Peter Putnam, PhD, P. Geol Chairman & Chief Executive Officer, Central European Petroleum Ltd, Suite 1000 – 521 3rd Ave SW, Calgary, Alberta, T2P 3T3 T. 403-532-6551, F. 403-532-6554, www.cepetro.com