Companies: RHEP   

Oil and gas company Rheochem says its estimated North Sea resources have risen by 59 per cent to 46.5 million barrels.

A ‘competent person’s report’ (used by the industry to support resource and reserve estimates) from RPS Energy suggests that Zeus Petroleum, where London-based Rheochem holds 50 per cent, could have prospective resources of 93 million barrels in its wholly owned UK North Sea Block 14/11. Rheochem’s chief executive Haydn Gardner says that Zeus is negotiating rig slots for 2009 and will seek farm-in partners for the block.

Shares in Rheochem, whose activities range from oil services to exploration, now trade at 12.5p, up 0.75p this morning but well down from 2006’s 22p high. The appeal is speculative.

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