World-scale status of Ivanhoe Energy's Pungarayacu heavy-oil field in Ecuador confirmed by new independent review
Robert Friedland, Executive Chairman, President and CEO of Ivanhoe Energy Inc. (TSX: IE; NASDAQ: IVAN), and David Martin, Chairman and CEO of Ivanhoe Energy Latin America Inc., announced today that a new, independent review of earlier drilling has confirmed the world-scale status of Ivanhoe Energy Ecuador Inc.'s Pungarayacu heavy-oil field in Ecuador.
Ivanhoe Energy Ecuador signed a contract in October 2008 with Ecuador state oil companies Petroecuador and Petroproduccion to explore and develop the Pungarayacu field, utilizing Ivanhoe's proprietary Heavy-to-Light (HTL) heavy-oil upgrading technology.
- Published: 17 September 2009
- Written by Editor