titan resources signs an accord to explore two basins in ethiopia

Titan Resources Signs an Accord to Explore Two Basins in Ethiopia

08-20-2008

Titan Resources Corporation, signed on Tuesday an agreement with government of Ethiopia that enables the latter to explore and develop petroleum around the Nile and Ogaden basins located in Amhara state and Somali state in Ethiopia.

Minister of energy, Mr. Alemayehu Tegenu, and international representative of the company, Victor Nersesov, signed the accord.

According to the agreement, the development and production period that covers an area of more than 100,000 square meter area of land in the stated basins will be 25 years and may be extended as appropriate.

After signing the accord, Tegenu said the Ethiopian government has been striving to efficiently utilize the natural resources of the nation.

Nelson B Hunt, president of Titan, said the agreement will help the company to strengthen cooperation with the ministry in the years ahead. He also said the company has a rich experience and great achievements in petroleum exploration and development endeavours worldwide including in some of the African countries. Titan Resources Corporation in collaboration with Capitan Energy Corporation, joint venture, will execute the petroleum exploration and development project in Ethiopia.

Chief executive officer of Capitan Energy Corporation, Kery Smith, said his company has already earmarked one million US dollars to train Ethiopian professionals, who are to take part in the petroleum exploration and development endeavour.

Some 60 million US dollars is earmarked to the initial term of exploration period, which covers four years.