In 2010, the Government of Jordan, represented by Jordan Natural Resources Authority (NRA) and Shale Energy Company (legally registered as National Oil & Electricity Production from Oil Shale Company PLC/JOSECO, ASE Symbol: JOSE), signed a memorandum of understanding (MOU) which granted Shale Energy Co. the exclusive right to explore, pilot test, and exploit one billion tons of oil shale in areas in the central part of Jordan (Sultani and Wadi Na’diya Areas).
Shale Energy Co. completed a comprehensive exploration program on the Sultani area, studying and analyzing its oil shale deposits. The exploration programme included topographic surveying, detailed geological mapping, and comprehensive geophysical investigations.
The exploration programme revealed that the Sultani area contains exceptionally high quality oil shale characterized by high oil content and relatively low overburden that make it feasible for exploitation.
Shale Energy Co. is currently working on a comprehensive bankable feasibility study based on the exploration results. The feasibility study is expected to be completed during the year 2013.