Global Oil Shale Holdings Signs a Memorandum of Understanding with the Ministry of Energy and Mineral Resources of the Hashemite Kingdom of Jordan

LONDON, UK, Sept. 24, 2012 /PRNewswire/ - Global Oil Shale Holdings ("GOSH" or the "Company") is pleased to announce that it has signed a Memorandum of Understanding ("MOU") on 17 September 2012, with the Minister of Energy and Mineral Resources, His Excellency Eng. Alaa A. Batayneh in the Hashemite Kingdom of Jordan.  The MOU sets out the exploration and development terms for two oil shale blocks; Attarat Umm Ghudran and Isfir Al Mahatta in the central and southern regions of the country.

Jordan is poised to be the "First to Market" for shale oil production with surface and near surface resources estimated at well over 100 billion barrels of shale oil. Initial core samples and geologic assessments indicate that both of GOSH's MOU blocks have significant shale oil potential.

The Company's objective is to explore, develop, and produce shale oil from the two blocks. The initial target is to produce 8,000 barrels of shale oil per day with the ultimate target of 50,000 barrels per day. GOSH plans to commence the drilling program for both blocks immediately. GOSH is also working with the Natural Resources Authority ("NRA") to market and promote Jordan's oil shale.

Company Director, Mr. Dominic Traynor said, "We are very pleased to sign this MOU with the Minister of Energy and Mineral Resources and will move quickly into an aggressive drilling campaign and exploration phase so that the Company can delineate the area it plans to retain for development. We intend to complete our preliminary assessment over the next twelve (12) months."

The Company engaged Washington D.C. based, INTEK Incorporated to assist with the initial techno-economic feasibility assessment and preparation of MOU application & proposal to the NRA for the two blocks. INTEK will continue working with GOSH as in-country management and technical lead for the next phase of this project.  INTEK President, Mr. Khosrow Biglarbigi said, "There is a tremendous opportunity within Jordan to develop a viable oil shale industry, and we are pleased to be working with GOSH to achieve this outcome."

Moreover, Director of Corporate Communications for GOSH, Ms. Tamara Mason said, "Global Oil Shale Holdings is honored to have this opportunity to work with the NRA to explore and develop these important oil shale resources, to contribute to Jordan's economic growth, and to create employment opportunities within Jordan. GOSH will also be working with the NRA to assist the local communities through its social development programs."

GOSH

Global Oil Shale Holdings Limited is an oil shale exploration and development company focused on the Hashemite Kingdom of Jordan.  The Company is actively engaged in the exploration and development of the two blocks, Attarat Umm Ghudran and Isfir Al Mahatta with the total MOU area of approximately 250 sq.km.

Please visit the Company's web site at www.goshjordan.com

SOURCE Global Oil Shale Holdings

Image with caption: "Jordan Map (CNW Group/Global Oil Shale Holdings)". Image available at: http://photos.newswire.ca/images/download/20120924_C9085_PHOTO_EN_18351.jpg