Vangold Extends Exploration and Development Licences for Petroleum in the Republic of Armenia

Vangold Resources Ltd. (TSX VENTURE:VAN) and joint venture partner Blackstairs
Energy PLC today announced that they have received the first two year extension
of their Petroleum Exploration and Production Sharing Agreement with the
Government of the Republic of Armenia.


In 2007 Vangold (50%) and Blackstairs Energy (50%, Operator) entered in to a
five year Petroleum Exploration and Production Sharing Agreement (the "PEPSA")
with the Government of the Republic of Armenia. The PEPSA defines terms for the
exploration and development of petroleum resources on three licence areas:
Blocks 4, 5 and 6. The blocks cover an area of 9,487 sq-km and encompass the
majority of a large sedimentary basin known as the "Central Depression". 


"This development allows Vangold to focus on creating a well-financed corporate
spin-off entity with a mandate to advance exploration on this highly prospective
land package," says Bruce Counts, President of Vangold Resources Ltd.


Under the terms of the PEPSA, the joint venture partners can apply for two
extensions of two years each. The extension announced today represents the first
of the two periods and will keep the PEPSA in good standing until 30th December,
2014. Highlights of the PEPSA include the following:




--  Reasonable work commitments for extension period: 250km of two-
    dimensional seismic surveys and the drilling of one exploration well 
--  A second extension to December 2016 is negotiable 
--  25 year commercial licence for any producing field 
--  Favourable commercial terms for production of oil and gas



Located in central and southern Armenia, the Central Depression extends east to
the border with oil-rich Azerbaijan and south toward the border with Iran. The
basin has never been subject to systematic exploration using modern technology
and equipment. The technical data acquired by the joint venture to date are very
encouraging and provide compelling evidence for the existence of significant
accumulations of hydrocarbons within the licence area. The Central Depression
includes the following:




--  A sedimentary column up to seven kilometers thick 
--  Sediments that range in age from Devonian to recent 
--  The presence of bitumen deposits and active oil seeps at surface
    indicating hydrocarbon development 
--  The tectonic activity required (folding, faulting and wrenching) to
    develop oil and gas reservoirs.



Vangold is a publicly traded, Canadian exploration company focused on advancing
its portfolio of global mineral and petroleum assets.


On Behalf of the Board of VANGOLD RESOURCES LTD.

Bruce Counts, President

Disclaimer for Forward-Looking Information

Statements containing forward-looking information express, as at the date of
this news release, the Company's plans, estimates, forecasts, projections,
expectations, or beliefs as to future events or results and are believed to be
reasonable based on information currently available to the Company.


Forward-looking statements and information are based on assumptions that
financing and personnel will be available when required and on reasonable terms,
and all necessary regulatory approvals and shareholder approval will be
obtained, none of which are assured and are subject to a number of other risks
and uncertainties. 


There can be no assurance that forward-looking statements will prove to be
accurate. Actual results and future events could differ materially from those
anticipated in such statements. Readers should not place undue reliance on
forward-looking information.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Vangold Resources Ltd.
Bruce Counts
President
604-684-1974
604-685-5970 (FAX)
www.vangold.ca

Vangold Mining (TSXV:VAN)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024