|
|
Article: Savoy Energy Corporation Signs Letter of Intent to Create Joint Venture for Oil Exploration in Fiji.
- Article from:
- China Weekly News
- Article date:
- July 7, 2009
CopyrightCOPYRIGHT 2009 NewsRX. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Savoy Energy Corporation (OTC Bulletin Board: SNVP) announced that the company has signed a Letter of Intent (LOI) with Masi Corp Holdings Limited to create a joint venture in Fiji. The companies will seek to formalize a joint venture/ partnership that would create a new combined entity designed to license properties in Fiji for Oil Exploration and drilling rights.
The Pacific Islands Applied Geoscience Commission's report "Fiji Petroleum Data Package" states; "Over twenty structural reefal traps have been identified on the seismic lines in the Late Miocene and Pliocene sequences, mostly in Bligh Water Basin. Estimates of potential un-risked recoverable reserves ...