IPR secures Block XXIV PSA in Syria

IPR Mediterranean Exploration Ltd. (IPRMEL), a subsidiary of Dallas-based independent IPR Group of Companies, signed a 7 year production sharing agreement Jan. 15 with Syrian Ministry officials for Block XXIV in Syria.

Jan. 19, 2004

By OGJ editors

HOUSTON, Jan. 19 -- IPR Mediterranean Exploration Ltd. (IPRMEL), a subsidiary of Dallas-based independent IPR Group of Companies, signed a 7 year production sharing agreement Jan. 15 with Syrian Ministry officials for Block XXIV in Syria.

The award stems from a bid round the Ministry of Petroleum & Mineral Resources of Syria sponsored in 2002. The block holds reserves estimated to be as high as 30,000 b/d of oil.

IPRMEL, as operator, will explore 4,000 sq km in three phases with its partner, India's ONGC Videsh Ltd. (OVL). In Phase 1, IPRMEL will drill two wells, acquire 500 sq km of 2D seismic, and reprocess 200 sq km of 2D.

The following two phases will include drilling another two wells and acquiring 500 sq km of 2D or 3D seismic equivalent. The IPRMEL/OVL joint venture's exploration obligation will be $15.5 million.