Harken (AMEX:HEC)
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Harken Energy Subsidiary Signs Exploration and Exploitation
Contract for the Block 95 Area in Peru
DALLAS, April 11 /PRNewswire-FirstCall/ -- Harken Energy Corporation's
(AMEX:HEC) 85% owned subsidiary, Global Energy Development PLC ("Global"),
announces that the new License Contract between Global and Perupetro S.A.
("Perupetro"), the national oil company of Peru, for the Exploration and
Exploitation of Hydrocarbons in the Block 95 Area located in the Maranon Basin
of Northeastern Peru has been fully signed and is now effective.
Global owns a 100% working interest in the contract subject only to an initial
5% royalty, the most favorable terms received in the company's history. The
size of the ongoing royalty is to be determined by future production levels.
The contract duration is approximately seven years for the initial exploration
phases and 23 years for the exploitation phase.
The contract assigns Global exclusive exploration and production rights to
approximately 1,255,000 acres. During Phase 1 of the contract, the terms
require Global to complete within 12 months, environmental impact studies and
plans for the drilling of a well in the Bretana field located in Block 95.
If Global elects to enter Phase 2 of the contract, the company must acquire
approximately 4800 square kilometers of micro-magnetic geophysical data in and
around the Bretana field and elsewhere throughout Block 95. Phase 2 has a time
period of 12 months. Should the company elect to enter Phase 3 it will be
required to drill one exploratory well within 24 months. Phase 4 of the
exploration period has a duration of 12 months and requires the acquisition of
75 square kilometers of 3 dimensional seismic, while Phases 5 and 6 both have a
duration of 12 months and require the drilling of one exploratory well per
phase.
Global currently expects to drill its first well under this Contract in the
identified Bretana field in late 2006 or early 2007 and follow this with an
exploratory well elsewhere in the Contract area in late 2008.
Harken Energy Corporation is engaged in oil and gas exploration, development
and production operations both domestically and internationally through its
various subsidiaries. Additional information may be found at the Harken Energy
Web site, http://www.harkenenergy.com/, or by calling Bevo Beaven or Bill
Conboy at CTA Public Relations at (303) 665-4200.
Certain statements in this announcement including statements regarding future
expectations, objectives, intentions and plans for oil and gas exploration,
development and production may be regarded as "forward-looking statements"
within the meaning of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are based on the opinions and estimates of
management at the time the statements are made. Management's current view and
plans, however, are subject to numerous known and unknown risks, uncertainties
and other factors that may cause the actual results, performance, timing or
achievements of Harken to be materially different from any results,
performance, timing or achievements expressed or implied by such
forward-looking statements. The various uncertainties, variables, and other
risks include those discussed in detail in the Company's SEC filings, including
the Annual Report on Form 10-K/A dated April 5, 2005. Although Harken believes
that the expectations reflected in the forward-looking statements of this
announcement are reasonable, it can give no assurance that such expectations
will prove to be correct or that unforeseen developments will not occur.
Harken undertakes no duty to update or revise any forward- looking statements.
Actual results may vary materially.
DATASOURCE: Harken Energy Corporation
CONTACT: Bevo Beaven, Vice President, , or Bill Conboy,
Senior Account Executive, , both of CTA Public Relations,
+1-303-665-4200, for Harken Energy Corporation
Web site: http://www.harkenenergy.com/