Petrolog Energy Inc.
PETROLOG ENERGY, INC. ANNOUNCES DEUTSCHE BOERSE LISTING
Petrolog Energy Inc. / Key word(s): IPO
PETROLOG ENERGY, INC. ANNOUNCES DEUTSCHE BOERSE LISTING TORONTO, CANADA- Petrolog Energy, Inc., (Deutsche Boerse, Frankfurt Exchange, (PT2), an Ontario Province Canada public company announced today that it has listed on the Deutsche Boerse to capitalize on its oil and gas exploration asset base. The Company was formed as a unit of Petrolog Group, a leading oil and gas services company in the West Africa with over thirty years of operating history and over US$ 2.2 Billion in historical revenue. Petrolog Energy has vended in its 18% stake in OPL 917, one of the most fertile blocks in Western Africa, with an estimated 300bcf & 80Million bbls in-place via previously drilled wells. OPL 917 is situated on the northern portion of the Niger Delta play bordering into the Anambra Basin. The block sits in the middle of the country within 100 km of the large industrialized cities of Enugu, Nnewi, Onitsha and Aba and is easily accessible to other major industrialized cities of Lagos, Abuja, Ibadan, and Port Harcourt. Major trunk roads and rail lines run through the blocks as well as the River Niger cuts through the bloc. Petrolog intends to undertake an intensive development campaign to monetize these assets. Vincent Ebuh, founder of both Petrolog Energy and Petrolog Group commented, ' We are excited to initiate this listing and allow external investors to benefit from our years of experience and unparalleled success, in the West African region. We have recognized leadership in the field of integrated oil and gas services and are in a unique position to develop large scale oil and gas prospects/assets from concept to market delivery. Our history as a fully integrated oil and gas services company ensures that we can directly oversee exploration, drilling operations problems, and thereby maximize hydrocarbons recovery.' Mr. Ebuh, further commented, 'As a unit of Petrolog Group, Petrolog Energy benefits from base of 700 employees and years of in house expertise and success in seismic interpretation, well planning, and provision of drilling rigs' About Petrolog Energy, Inc. Petrolog Energy is an independent oil and gas exploration and development company with a diverse portfolio of high-quality assets. Petrolog Energy was formed as a unit of Petrolog Group to capitalize on low-risk, high-reward proven and underdeveloped oil and gas fields in Africa. For more information, go to www.petrologenergy.com. About Petrolog Group Petrolog Group, a private company, was established 30 years ago as an oil service company. Over the years Petrolog has expanded its services to include Drilling, Mud Logging and Mud Engineering, Geophysical Exploration, Engineering Design and Project Management. Petrolog is represented in 4 continents with over 12 offices in 6 countries. With a strong and dedicated workforce (650 employees) Petrolog is positioned to respond to client needs globally. End of Corporate News 05.01.2012 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
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