Petrolog Energy Inc.
PETROLOG ENERGY, INC. ENTERS NEGOTIATION FOR GAS PROCESSING – Company Evaluates Large Niger Delta Gas Processing Activity
Petrolog Energy Inc. / Key word(s): Miscellaneous PETROLOG ENERGY, INC. ENTERS NEGOTIATION FOR GAS PROCESSING TORONTO, CANADA- Petrolog Energy, Inc., (Deutsche Boerse, Frankfurt Exchange, (PT2), an Ontario Province Canada public company announced today that has entered into negotiations in the West Africa for the processing of discovered natural gas, to be secured under the an accelerated gas processing arrangement to meet the growth in gas demand for various sectors of the Nigerian economy including domestic, regional and export markets. The Niger Delta region is one of the most productive, in a country boasting the world’s eighth largest proven natural gas reserves and seventh largest crude oil reserves. PO&G (Petrolog Oil and Gas) (a separate entity from Petrolog Energy) entered into a Long-term agreement for the processing of up to 500mmscfd of Natural Gas under the accelerated gas processing arrangement enacted by the Nigerian Ministry of Petroleum. There are substantial discovered but undeveloped gas reserves and associated gas reserves in the onshore and offshore territories, largely in acreages allocated to the international and indigenous operators. The gas will be secured from the Oil majors, such as Shell, Agip (ENI operated Consortium), Addax amongst others. The arrangement will boost the availability of Gas domestically for electrification and other industrial uses. Vincent Ebuh, founder of both Petrolog Energy and Petrolog Group commented, ‘We deem the Gas Processing Agreement negotiation to be an optimal target for our Company as it proceeds with its Oil and Gas program.’ He further concluded, ‘We are confident that this will prove to be a lucrative and well judged arrangement.’ 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 17.02.2012 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 |
156794 17.02.2012 |