PREMIER: INDUSTRIAL POTENTIAL OF GAS FIELDS NEED TO BE EVALUATED IN ARMENIA

ARKA
March 13, 2008

YEREVAN, March 13. /ARKA/. Industrial potential of gas fields need to
be evaluated in Armenia, the country’s Prime-Minister Serge Sargsian
said at his meeting with students.

He said experts do not leave out the possibility of oil fields in
Armenia either, Sargsian said. But maybe they are much deeper than
expected in the beginning or exploratory works are not carried out at
the required level, Sargsian said. Yet, according to him, the fields
are not that promising.

Earlier, Armenia’s Minister of Energy Armen Movsisian said that
exploratory works are being carried out to establish oil and gas
fields. He also said that Backstairs Energy Irish company is conducting
geophysical research, prospecting seismology and other preparatory
works for oil fields in the center and south of the country.

For gas fields prospecting works are carried out by Canadian Transeuro
Energy in Armavir region of the country (south).