Petra Petroleum Inc. Signs Lease Agreement With Greek Government for Ioannina Block
May 15 2014 - 12:57PM
Marketwired
Petra Petroleum Inc. Signs Lease Agreement With Greek Government
for Ioannina Block
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 15, 2014) -
Petra Petroleum Inc. (TSX-VENTURE:PTL) (the "Corporation") is
pleased to announce that the Greek Government yesterday signed a
Lease Agreement for the Ioannina block with the consortium of Petra
Petroleum and Energean Oil & Gas. The contract was signed by
the Minister of Environment, Energy and Climate Change, Mr. Ioannis
Maniatis, in the presence of the Vice President of the Greek
Government, Mr. Evangelos Venizelos and the Ambassador of Canada in
Greece, Mr. Robert Peck.
Ioannina is an onshore block, located in Epirus, North Western
Greece, covering an area of 4,187 square kilometers. The area has
analogues of proven and producing oil fields in Albania, Italy and
the wider region of the Adriatic Sea, leading Energean and Petra to
estimate that up to 100 million barrels of oil or 2 trillion cubic
feet of natural gas could potentially be discovered. The investment
programme for the planned three exploration phases over 7 years,
will consist of 2D seismic data reprocessing, geological surveys,
new seismic data acquisition in the 1st phase and the drilling of
two wells during phases 2 and 3. The consortium consists of TSX-V
listed Petra Petroleum (20% working interest) and Energean (80%
working interest and Operator). The lease agreement is subject to
Greek Parliament ratification.
Robert Lambert, President and Chief Executive officer of the
Corporation commented: "This is a significant milestone in the
Corporation's development and we are delighted that the Greek
Government has had the confidence in Petra to participate in this
highly prospective licence. We must now go on and secure other
similar high quality exploration opportunities in our focus
areas".
Pete Hughes, Vice President, Corporate Development added: "On
this key day in the Corporation's history, it is important to
underline that the Corporation's growth strategy of M&A
activity will be aligned to our focus areas of Europe, the Middle
East and Africa, which plays to the strengths of our management
team".
Cautionary
Statements
This news release contains forward-looking information which
is not comprised of historical facts. Forward-looking information
involves risks, uncertainties and other factors that could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information. Undue reliance should not be placed on
such forward-looking information, which only applies as of the date
of this news release, and no assurance can be given that such
future events will occur. The Corporation disclaims any intention
or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
other than as required by law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Petra Petroleum Inc.Robert A. LambertPresident and Chief
Executive Officer+44 7837 463 596Petra Petroleum Inc.Pete
HughesVice President, Corporate Development+44 7836 607 637