VANGOLD RESOURCES LTD TO JOIN OIL AND GAS PROSPECTING IN ARMENIA

PanARMENIAN.Net
30.05.2007 14:51 GMT+04:00

/PanARMENIAN.Net/ Vangold Resources Ltd. Canadian company joined the
agreement on joint use of resources concluded between the Armenian
Energy Ministry and Blackstairs Energy (Ireland).

With a 50% share holding the Canadian enterprise will join oil and
gas processing in segments N4, 5 and 6, covering a territory of 13
775 km2 in central and southern Armenia.

The project is meant for 5 years and can be prolonged for two
additional 2-year periods. It totals $2.4 million, at that Canadian
investments will make $1.2 million, according to a source.

Mr Dal Brynelsen, President of Vangold Resources Ltd., said the
authority provided by the agreement allows prospecting on half of
Armenia’s territory adjacent to Iran, Azerbaijan and Georgia, the
states rich in oil and gas. "We suppose the south of Armenia has
similar potential," he added, IA Regnum reports.

From: Emil Lazarian | Ararat NewsPress