IRISH BLACKSTAIRS ENERGY INVESTS ABOUT $1 MILLION IN QUEST FOR OIL AND GAS IN ARMENIA

ArmInfo
2008-10-24 10:42:00

ArmInfo. Irish Blackstairs Energy has invested about $1 million
in quest for oil and gas in Armenia since June 2007, Tim Papworth,
General Manager of Blackstairs Energy Armenia told ArmInfo.

He said that company is engaged in geological and geophysical
exploration of the structures perspective from the viewpoint of gas
and oil accumulation.

To locate geological structures, the company ordered gravity survey
from Institute for Seismic and Engineering Geophysics of Armenian
National Academy of Science. T. Papworth said satellite photographs
were taken (remote sensing) and relevant specialists of British
Infoterra Company have interpreted the data received. Geological
sections were made and oil and gas samples were taken. General Manager
said that seismic surveys are planned for 2009 (170 km minimum). By
preliminary data, oil and gas deposits may be found in Armenia but
it is untimely to draw conclusions so far since deeper surveys are
required.

On April 27 Blackstairs Energy signed a Petroleum Exploration and
Production Sharing Agreement for blocks 4,5 and 6 (13,805 sq km)
in South East of Armenia (From North of Lake Sevan, southwards
until the Iranian border) with the Armenian ministries of Energy
and Environmental Protection. The five-year Epxloration special
License, extendable a further for years, was awarded on September 30
2007. Together with the partner (50%) Vangold Resources Ltd, Vancouver,
Canada, Blackstairs have already commenced their Work Program,
which has a minimum investment of 2.4 million dollars. It includes
an intensive and comprehensive data gathering and analysis exercise,
a Remote Sensing, study of all blocks and a detailed Gravity Survey.

Blackstairs set up a local company, Blackstairs Energy Armenia LLC
in June 2007. Blackstairs Energy (ex-Tullow Oil) was founded in
2006 by two experienced industry professionals Gerry Sheehan and Bob
Hamilton. The company has its headquarters in Dublin (Ireland). The
principals of Blackstairs have a proven track record of success in
the international Ex0loration and Production sector across a broad
range of major hydrocarbon producing provinces. Their prime strategy
is to acquire good quality exploration acreage, with a special focus
on Europe, Trans-Caucasus and Africa.

In Romania they recently participated in the oil and gas Marginal
Fields 2007 Licensing Round and in March this year they were awarded
7 licenses.

From: Emil Lazarian | Ararat NewsPress