Gold Point Energy Announces LOI on Bulgaria Gas Project
Gold Point Energy Corp. (the \"Company\" or \"GPE\") (TSX VENTURE:GPE)(FRANKFURT WKN#:A0HGQ1) reported today that it has entered into a Letter of Intent with JKX Oil & Gas PLC (\"JKX\") and Aurelian Oil & Gas PLC (\"Aurelian\") to farm-in to a portion of two oil and gas licenses comprising 1,480 square kilometers (365,516 acres) in eastern Bulgaria. GPE has agreed to pay 40% of a 250 square kilometer 3D seismic survey plus 40% of the cost of two shallow test wells to earn a 20% working interest in the block. GPE\'s obligation to pay 40% of the seismic and drilling costs is subject to a cap of $5.0 million, after which it pays 20% of the costs.
The farm-in block is located onshore in eastern Bulgaria along the Black Sea coast. The primary objective on the block is shallow Tertiary age (Eocene and Oligocene) sandstone reservoirs in the Varna Trough of the Western Black Sea Basin. The potentially productive Tertiary sediments cover an area of approximately 500 square kilometers, which is completely covered by the JKX and Aurelian licenses.
- Published: 02 July 2008
- Written by Editor
