15 December 09 New International and Local Projects
Blackstairs Energy PLC is pleased to provide an update on its activities.
Blackstairs recently signed a collaboration agreement with a private financially strong North American company interested in becoming a player in Europe (particularly Romania and Bulgaria). The company has special expertise in gas storage, transmission and shale gas / resource projects.
In Romania, Blackstairs Energy acquired the rights to re-develop seven fields in the Romanian Eighth Oil and Gas Licensing Round. Concession Agreement terms have been agreed; the company is waiting on government approval to begin field operations. In the Ninth Round, the company acquired the rights to re-develop the Sudarau Field in the Pannonian Basin. Concession Agreement terms are being finalised with the Government and completion is expected in the near future.
In Armenia, a Special Exploration Licence to explore for oil and gas in blocks 4, 5 and 6 was issued to the Blackstairs consortium (partner is Vangold Resources Ltd., Vancouver, Canada) on September 30th, 2007 by the Ministry of Nature Protection. The licence has a five year term and can be optionally extended a further four years. The original Production Sharing Agreement was signed by Blackstairs jointly with the ministries of Energy and Nature Protection on April 27th,2007.
As far as exploration work in Armenia is concerned, the current status is:
Gravity Survey. The Institute of Geophysics and Engineering Seismology (Gyumri) completed a 5,000 station programme in Blocks 4 and 5. The digitising of all gravity data points from older surveys for the rest of Armenia is complete; processing and interpretation of all data is in progress.
Construction of Geological Profiles. The construction of a series of detailed geological profiles connecting wells as well as other features is in progress. The profiles integrate data from DEMs, gravity, remote sensing, surface and borehole geology, earthquake study derived basement estimates, oil and gas shows, geochemical analyses and source rock studies, old reports and geophysical profiles. The gravity survey data and geological profiles are being used to identify oil and gas prospects prior to seismic reflection surveying.
Seismic Exploration. A 2D seismic survey in the southwestern Sevan and Vayotsdzor areas is being planned. It is hoped to commence this work in 2010.
