VANGOLD UPDATES ON ARMENIA OIL PROJECT
July 21 2008
Vangold, an international resource company with a diverse portfolio
of advanced stage oil, gas and mineral projects worldwide, provides
an update on its Armenia oil project.
Vangold, along with its partner Blackstairs Energy, has signed an
exploration and production sharing agreement with the government of
Armenia, in April 2007.
The joint venture partners have already opened an office in Yervan,
the capital of Armenia, to commence the operation in that country.
Armenia is ideally located adjacent to oil rich countries Azerbaijan,
Georgia and Iran. The Joint-Venture’s work program over the initial
five years will include geological, gravity and geochemical studies,
remote sensing (satellite imagery) and 170 km of 2D seismic.