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.http://www.panarmenian.net/news/eng/?nid=22479
Man i hope they hit the freakin motherload, not only will it mean heaps of liquid capital for Armenia but it will change the whole geo-political situation in the whole region.
so many nations will put hard core energy starved pressure on both azeri and turks and the doner kebab pipeline they have.
it is also good the yanks are not gonna fund the poofy railway linking them up as well. nicejob guys. for once. how about admitting a genocide.
i bet they will scream genocide from the roof tops if there is any real amount of oil and gas found in Armenia!.