From: Tsegai Emmanuel (emmanuelt40@gmail.com)
Date: Sun Jul 26 2009 - 16:37:07 EDT
Calvalley Enters Ethiopia Production Sharing Contract
Published Oct 22, 2008
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*Calvalley Petroleum Inc.*, Calgary, (Toronto: CVI) has entered a production
sharing contract with Ethiopia for the exploration, development and
production of petroleum resources in the Gimbi and Metema blocks in
Ethiopia.
The contract covers more than 46,470 square kilometers (11.5
million acres) adjacent to the Sudan border.
The Gimbi block covers 20,457 square kilometers (5.1 million acres) on the
northeastern flank of the Gambela Basin, which borders Sudan on the west.
The Metema block covers 26,013 square kilometers (6.4 million acres) in
northwestern Ethiopia, bordering Eritrea to the north and Sudan to the
northwest. The block is in the center of the Mekele Basin.
Calvalley has a 100% operated working interest in both blocks for an
eight-year exploration period, consisting of an initial period of four years
followed by two subsequent two-year option periods. Calvalley has the option
to activate the additional periods. The contract provides for an additional
25-year development period with a 10-year optional extension. SJP
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