Loon Energy Inc.: Syria Contract Becomes Effective
04 Décembre 2007 - 12:51AM
Marketwired
CALGARY, ALBERTA (TSX VENTURE: LEY) is pleased to announce that
the parliamentary ratification of the Contract for the Exploration,
Development and Production of Petroleum ("PSC") with the Government
of the Syrian Arab Republic, represented by the Ministry of
Petroleum and Mineral Resources ("Ministry") and the Syrian
Petroleum Company ("SPC") for Block 9, was accepted and signed by
the President of Syria. The Block 9 PSC has come into effect under
Law 27 with an effective date of November 29th 2007.
Loon originally announced its award of the exclusive right to
negotiate a PSC covering Block 9 on June 1, 2006 and the recent
ratification was the culmination of a lengthy process of
negotiation that followed the original award. As part of the
signing process, Loon has posted a bank guarantee of US$7.5
million.
Block 9 is a large and under-explored area of more than 10,000
km2 located at the northern edge of a hydrocarbon-producing basin
called the Homs Basin which contains the large Palmyra, Cherrife Da
and Ash Shaer fields.
Under the terms of the Block 9 PSC, Loon has a first phase
exploration period of four years during which it has committed to
acquire 600 kilometres of 2D seismic and drill two exploration
wells. The exploration period can be extended for up to nine years
in phases by performing additional work on an agreed basis.
Loon has a 100% interest and is the operator of Block 9. ANSCO
Inc., subject to the approval of the Ministry and SPC, has the
right to acquire a 5% working interest in Block 9 on a heads-up
basis.
Loon is an international oil and gas exploration and production
company having direct interests in Brunei, Syria, Colombia, Peru,
Tunisia and Slovenia and exposure to a major exploration and
development program in Pakistan through its shareholding interest
in Jura Energy Corporation. Loon has offices in Calgary, Alberta,
Canada, Dubai, United Arab Emirates and Bandar Seri Begawan, Brunei
Darussalam. For further information, please refer to the Loon
website (www.loon-energy.com) or contact the following:
Some of the statements contained in this release may be
forward-looking statements. Forward-looking statements may include,
but are not limited to, statements concerning estimates of
recoverable hydrocarbons, expected hydrocarbon prices, expected
costs, statements relating to the continued advancement of the
Company's projects and other statements which are not historical
facts. When used in this document, and in other published
information of the Company, the words such as "could," "estimate,"
"expect," "intend," "may," "potential," "should," and similar
expressions are indicative of a forward-looking statement. Although
the Company believes that its expectations reflected in the
forward-looking statements are reasonable, the potential results
suggested by such statements involve risk and uncertainties and no
assurance can be given that actual results will be consistent with
these forward-looking statements. Various factors, which could
cause actual results to differ from these forward-looking
statements, include the potential that the Company's projects will
experience technical and mechanical problems, geological conditions
in the reservoir which may negatively impact levels of oil and gas
production and changes in product prices and other risks not
anticipated by the Company or disclosed in the Company's published
material. Since forward-looking statements address future events
and conditions, by their very nature, they involve inherent risks
and uncertainties.
The TSX Venture Exchange neither approves nor disapproves of the
information contained herein.
Contacts: Loon Energy Inc. (Calgary) Norman W. Holton Executive
Chairman (403) 264-8877 Email: nholton@loon-energy.com Loon Energy
Inc. (Dubai) Timothy M. Elliott President and Chief Executive
Officer +971-4-339-5212 Email: telliott@loon-energy.com Loon Energy
Inc. (Dubai) Jock M. Graham Executive Vice President
+971-4-339-5212 Email: jgraham@loon-energy.com Website:
www.loon-energy.com Brisco Capital Partners Corp. (Calgary) Gordon
Aldcorn Investor Relations (403) 262-9888 Email:
galdcorn@shaw.ca
Loon Energy (Tier2) (TSXV:LEY)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Loon Energy (Tier2) (TSXV:LEY)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024