Vangold Resources Ltd to join oil and gas prospecting in Armenia

May 30, 2007 - 15:51 AMT
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.
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