|
und weiter geht es: Press Release Source: Ivanhoe Energy Inc. Ivanhoe Energy signs agreement with Iraq Ministry of Oil to evaluate Qaiyarah Oil Field Wednesday October 13, 11:47 am ET BAKERSFIELD, CA, Oct. 13 /PRNewswire-FirstCall/ - Ivanhoe Energy (Middle East) Inc., a subsidiary of Ivanhoe Energy Inc. (NASDAQ: IVAN and TSX: IE), and the Ministry of Oil of the Government of Iraq have signed a memorandum of understanding (MOU) for Ivanhoe to study and evaluate the shallow Qaiyarah Oil Field in northern Iraq. The field`s reservoirs contain a large proven accumulation of 17.1 degree API heavy oil at a depth of about 1,000 feet. Ivanhoe will evaluate the potential response of the Qaiyarah Field to the latest in Enhanced Oil Recovery (EOR) techniques, along with the potential value that could be added using Ensyn Petroleum International Ltd.`s heavy-to-light (HTL) oil RTP(TM) conversion technology to produce higher quality, more valuable crude oil. Ivanhoe has the exclusive rights to use Ensyn`s technology in Iraq. The work will include an assessment of the oil-in-place in the reservoirs, and the optimum EOR/HTL methods to establish economically recoverable reserves at Qaiyarah. Ivanhoe President and CEO Leon Daniel said the company expects to complete the study within a few months of receiving the required data from the Iraq Ministry of Oil. "The Qaiyarah Field holds significant potential and may be an excellent candidate for the application of the Ensyn HTL oil technology," he said. "We are very pleased that the Government of Iraq has given Ivanhoe this key role in evaluating the reservoir at Qaiyarah." If the evaluation studies indicate development of the field is economically viable, Ivanhoe will present a development plan and offer a commercial proposal to implement an enhanced oil recovery program for Qaiyarah. The Ministry of Oil is under no obligation to execute the project or to enter into formal commercial negotiations at the completion of Ivanhoe`s study. Ivanhoe Energy trades on the NASDAQ SmallCap market with the ticker symbol IVAN and on the Toronto Stock Exchange with the symbol IE. Information contacts: In North America: Investors: Cindy Burnett (604) 331-9830/ Media: Bob Williamson (604) 688-8323; In Asia: Patrick Chua, 86-1370-121-2607, 852-9193-4056 Website: www.ivanhoe-energy.com FORWARD-LOOKING STATEMENTS: This document includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning general industry and market conditions, fluctuations in oil and gas prices, dependence on new product development, statements relating to the continued advancement of Ivanhoe Energy`s projects, and other statements which are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are forward-looking statements. Although Ivanhoe Energy believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the potential that the company`s projects will experience technological and mechanical problems, new product development will not proceed as planned, the Ensyn process to upgrade bitumen and heavy oil may not be commercially viable, geological conditions in the reservoir may not result in commercial levels of oil and gas production, the risk associated with doing business in Iraq and other foreign countries, changes in product prices and other risks disclosed in Ivanhoe`s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission. RESERVES DATA AND OTHER OIL AND GAS INFORMATION: Ivanhoe`s disclosure of reserves data and other oil and gas information is made in reliance on an exemption granted to Ivanhoe by Canadian securities regulatory authorities, which permits Ivanhoe to provide disclosure in accordance with US disclosure requirements. The information provided by Ivanhoe may differ from the corresponding information prepared in accordance with Canadian disclosure standards under National Instrument 51-101 (NI 51-101). Further information about the differences between the US requirements and the NI 51-101 requirements is set forth under the heading "Reserves, Production and Related Information" in Ivanhoe`s Annual Report on Form 10-K. |
|
| aus der Diskussion: | Ivanhoe Energy |
| Autor (Datum des Eintrages): | JosedelaVega (14.10.04 11:36:43) |
| Beitrag: | 100 von 117 (ID:14679846) |
| Alle Angaben ohne Gewähr © wallstreetONLINE | |