DGAP-News: Petro Novus Concludes Agreement to Acquire 50% of Petroleum Exploration and Production Sharing Agreement in the Republic of Armenia
(firmenpresse) - DGAP-News: Petro Novus AG / Key word(s): Agreement
Petro Novus Concludes Agreement to Acquire 50% of Petroleum
Exploration and Production Sharing Agreement in the Republic of
Armenia
09.02.2011 / 17:40
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Petro Novus Concludes Agreement to Acquire 50% of Petroleum Exploration and
Production Sharing Agreement in the Republic of Armenia
Agreement covers 14,000 sq. kilometres in Armenia's 'Central Depression'
Petro Novus AG ('Petro Novus' or the 'Company') (Frankfurt Exchange: PN5)
is pleased to announce that the Company has successfully completed a Joint
Operating Agreement ('JOA') and Economic Interest Agreement ('EIA') that
will make it a 50% partner in a Petroleum Exploration and Production
Sharing Agreement ('PEPSA') for hydrocarbon exploration and production
rights in central and southern Armenia. This acquisition by Petro Novus
represents a 50% stake in an oil and gas property that covers approximately
14,000 square kilometres (3.5 million acres) in the Republic of Armenia.
Petro Novus acquired the 50% holding from Blackstairs Energy PLC, Ireland,
a private oil and gas exploration and development company, and Vangold
Resources Ltd. (TSX.V: VAN), a public company listed on the TSX Venture
exchange in Toronto, Canada. As parties to the JOA and the EIA,
Blackstairs Energy PLC and Vangold Resources Ltd. will each retain a 25%
share in the PEPSA. The PEPSA, which includes exploration blocks 4, 5
and 6 in Armenia's 'Central Depression', was signed on April 27th, 2007, by
the Ministry of Energy (and Natural Resources), the Ministry of
Environmental Protection, and Blackstairs Energy PLC, which has a regional
office in the capital city of Yerevan and will continue to act as the
project operator.
Exploration blocks 4, 5 and 6 in Armenia's 'Central Depression' represent
a significant interest and opportunity in one of the few remaining
underexplored basins of the world. At present, Armenia does not produce a
single barrel of oil or gas, even though it is bordered by Iran, Georgia,
Azerbaijan and Turkey - four countries that produce millions of barrels of
oil, and trillions of cubic feet of gas, annually. The Central Depression
is estimated to contain a 5-7 km thick sedimentary section aged from
Devonian to Recent; various geological and geophysical data indicate that a
viable petroleum system is developed. In addition, Soviet and Armenian
geologists have identified a large surface-outcrop bitumen deposit in Block
5; the existence of this large deposit and other widespread indications of
oil and gas (seeps, gas shows and the presence of asphaltic oil) support
the thesis that significant hydrocarbon generation has occurred within the
Central Depression.
Cameron King, CEO and Chairman of Petro Novus commented, 'Armenia is a new
and exciting frontier for oil and gas exploration, as it represents a
significant interest and opportunity in one of the few remaining
underexplored basins of the world. The presence of multiple gas shows,
seeps in numerous boreholes, and even a large surface-outcrop bitumen
deposit, throughout the vast license area, is indicative of the opportunity
that this project represents. We plan to continue to advance our
exploration program with the goal of defining new, high-priority targets by
utilizing modern geo-science techniques.'
This agreement supersedes a previously announced Letter of Intent
('LOI')with Arvan Energy PLC ('Arvan'), effectively terminating the LOI
with Arvan.
About Petro Novus AG
Petro Novus AG is an independent oil and gas company with an initial focus
on the exploration and development of crude oil and natural gas properties
in the central and southern regions of the Republic of Armenia. We
utilize our strengths in mergers and acquisitions, and capital and resource
management, to acquire large potential, overlooked and underexplored
resource properties. We plan to proactively minimize exploration risk and
build long term shareholder value by utilizing state of the art
technologies, and by employing the services of veteran exploration and
project managers. Our goal is to grow through future acquisitions and the
development of long-life producing properties.
For further information please contact:
Cameron S. King MBA
cking(at)petronovus.com
Petro Novus AG
Nordstrasse 190,
8037 Zürich
Switzerland
Europe: +41 78 878 84 62
North America: +1 (424) 202 1251
Safe Harbour
Statements contained herein that are not historical facts are
forward-looking statements within the meaning of the US Securities Act of
1933, as amended. Those statements include statements regarding the
intent, belief or current expectations of the company and its management.
Such statements reflect management's current views, are based on certain
assumptions and involve risks and uncertainties. Actual results, events, or
performance may differ materially from the above forward-looking statements
due to a number of important factors, and will be dependent upon a variety
of factors, including, but not limited to, the company's ability to obtain
additional financing and the demand for the company's products. The company
undertakes no obligation to publicly update these forward-looking
statements to reflect events or circumstances that occur after the date
hereof or to reflect any change in the company's expectations with regard
to these forward-looking statements or the occurrence of unanticipated
events.
End of Corporate News
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09.02.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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111680 09.02.2011
Datum: 09.02.2011 - 17:40 Uhr
Sprache: Deutsch
News-ID 33177
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Kategorie:
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