Tracer to Participate in Significant Potential Oil Field Development in Iran
Tracer Petroleum Corporation reported that it has been invited by a major "bonyad," or "Foundation," in the Islamic Republic of Iran to participate in the potential development of a large offshore oil field appraisal and development project in Iran. No further details were disclosed.
Tracer's technical staff and consultants had completed their due diligence on the technical information on the project that was made available, and will pursue the appraisal and development of the oil field in a joint venture with the bonyad.
Tracer estimated the recoverable reserves at about 400 million barrels and production potential of over 100,000 barrels per day. The Company has commenced discussions with a number of potential partners from within the petroleum industry to join it in the project.
Tracer is also in discussions with possible sources of project financing and other forms of debt financing for this project. Further details on the project will be released when possible.
(AlBawaba – MEBG)
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