Global Oil Shale Holdings, London, announced that it signed a memorandum of understanding on 17 September 2012 with the Minister of Energy and Mineral Resources, 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 Global Oil'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. Global Oil plans to commence the drilling program for both blocks immediately. Global Oil is also working with the Natural Resources Authority to market and promote Jordan's oil shale.

Company director 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 12 months."

The company engaged Washington D.C.-based Intek Inc. to assist with the initial techno-economic feasibility assessment and preparation of MOU application & proposal to the NRA for the two blocks.