Petrolifera secures new Puesto Morales Este contract
2008-02-20 15:55 ET - News Release
Mr. Richard Gusella reports
PETROLIFERA PETROLEUM LIMITED SECURES PUESTO MORALES ESTE CONCESSION IN ARGENTINA; DRILLING ALREADY UNDERWAY
Petrolifera Petroleum Ltd. has secured a new contract over the Puesto Morales Este concession in the province of Rio Negro, Argentina.
The PME concession covers an area of 12.8 square kilometres (3,163 acres or approximately five sections) and is situated east of and is contiguous with the southeastern portion of the company's Puesto Morales block in the Neuquen basin, Argentina.
The negotiated contract is a one-year exploration licence between the Argentinean branch of the company's subsidiary, Petrolifera Petroleum (Americas) Ltd. and Edhipsa, the provincial oil company of Rio Negro. The exploration licence can be converted into a 25-year production licence upon the establishment of commercial production. The royalty rate has been established at 24 per cent.
Under the terms of the contract, Petrolifera is committed to the drilling of a minimum of two exploratory wells, each to a minimum depth of 1,500 metres, additional optional 3-D seismic and other obligations, including some agreed training costs for Edhipsa personnel. The total amount of the negotiated work commitment has been calculated at $10.6-million (U.S.).
Petrolifera advised that drilling is already under way on a seismically defined structure on the block. The PME X-1001 well, which is currently at a depth of 189 metres, is targeted to be drilled to a projected total depth of 1,640 metres to evaluate various formations, including the Sierras Blancas formation, which is the prolific producing zone at Puesto Morales Norte.
We seek Safe Harbor.
And This:
Petrolifera Petroleum Clarifies Press Reports Concerning Ucayali Block 107 Seismic Activity in Peru
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CALGARY, Feb. 20 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX) wishes to clarify certain press reports with respect to suggestions that its seismic program on Block 107 in the Ucayali Basin, onshore Peru, is infringing on reclusive members of the Cacataibo tribe who inhabit the region.
During late January 2008, a member of the survey crew employed by the geophysical contractor being utilized by Petrolifera Petroleum del Peru SAC, the company's Peruvian subsidiary, noticed certain markings on a tree in proximity to where activity was being conducted. In accordance with the company's protocol, the sighting was immediately reported to the company's Lima office and it was also immediately brought to the attention of an anthropologist contracted by Petrolifera to deal with matters of this nature. It should be noted that there were no other elements - fire remains, human signs, or materials - in evidence at the time of the sighting or in the vicinity of the sighting, nor have there been subsequent thereto.
The marks on the tree have been evaluated by a competent authority and this authority has concluded that it is impossible to deduce that the marks were made by the isolated indigenous Cacataibo tribe members. The analysis provided to Petrolifera also states that this occurrence should be viewed as an isolated event and in the absence of other evidence, there is insufficient evidence to suggest any proof of the presence of the isolated Cacataibos.
In accordance with its protocol, Petrolifera has reported the matter to the appropriate Peruvian authorities and provided logistical support to these authorities for a visit to the area for a two day scouting trip, which was successfully conducted last week. Petrolifera has established and is maintaining a sound relationship with the Cacataibo people and is proceeding with its program as scheduled. The company is also employing local indigenous people to the extent possible to assist it in its program.
The initiation of the program followed a series of workshops and community meetings with all indigenous people in the area covered by block 107 and the approval of an extensive and thorough Environmental Impact Assessment or EIA prior to the initiation of activity.
Certain press reports have misrepresented the actual events surrounding the sighting and certain other agencies and non-governmental organizations or NGO's have contacted Petrolifera in respect of this matter, expressing concerns based on misinformation. It is the intention of this press release to provide factual information to the public and to these agencies.
Petrolifera Petroleum Limited is a Calgary-based crude oil and natural gas exploration, development and production company active in Argentina, Colombia and Peru.
For further information: Richard A. Gusella, Executive Chairman, Petrolifera Petroleum Limited, Phone (403) 538-6201, Fax (403) 538-6225, Inquiries@petrolifera.ca, www.petrolifera.ca
© 2008 The Globe and Mail