CALLAN UNIT TO STUDY BULGARIAN E&P AREAS

Gandalf Explorers Bulgaria Ltd., a company operated by Edward Callan Interests, Houston, has signed an agreement covering five oil and gas exploration and production study areas in Bulgaria. Under the agreement, Gandalf has an option to identify and obtain five more study areas. The areas lie onshore and offshore. The first areas chosen by Gandalf jointly with the state Committee of Geology and Mineral Resources are Chiren-Devene, Lik, Dolni Dabnik, Dolni Lukovit, and Tulenova.

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