TVI Pacific Announces Twelve month Extension of Service Contract 54A - Sub-Phase 6 Secured
July 08 2013 - 8:17PM
OTC Markets
TVI Pacific Announces Twelve month Extension of Service Contract
54A - Sub-Phase 6 Secured
#ReleaseContent TABLE
{
BORDER-COLLAPSE: collapse
}
TR.cnwUnderlinedCell TD
{
BORDER-BOTTOM: #000000 1px solid
}
TR.cnwDoubleUnderlinedCell TD
{
BORDER-BOTTOM: #000000 3px double
}
TR.cnwBoldUnderlinedCell TD
{
BORDER-BOTTOM: #000000 3px solid
}
TD.cnwUnderlinedCell
{
BORDER-BOTTOM: #000000 1px solid
}
TD.cnwDoubleUnderlinedCell
{
BORDER-BOTTOM: #000000 3px double
}
TD.cnwBoldUnderlinedCell
{
BORDER-BOTTOM: #000000 3px solid
}
#ReleaseContent TABLE.cnwBorderedTable TD
{
BORDER-RIGHT: black 1px solid;
PADDING-RIGHT: 2px;
BORDER-TOP: black 1px solid;
PADDING-LEFT: 2px;
PADDING-BOTTOM: 2px;
BORDER-LEFT: black 1px solid;
PADDING-TOP: 2px;
BORDER-BOTTOM: black 1px solid;
BORDER-COLLAPSE: collapse
}
#ReleaseContent TABLE TD
{
PADDING-RIGHT: 2px;
PADDING-LEFT: 2px;
PADDING-BOTTOM: 2px;
PADDING-TOP: 2px
}
TVI Pacific Announces Twelve month Extension of Service Contract
54A - Sub-Phase 6 Secured
Canada NewsWire
CALGARY, July 8, 2013
TSX: TVI OTCQX: TVIPF
CALGARY, July 8, 2013 /CNW/ - TVI Pacific Inc. (TSX:
TVI) (OTCQX: TVIPF) (TVI or the Company) announced today that
Nido Petroleum Philippines
Pty Ltd, a subsidiary of Nido Petroleum Limited (ASX: NDO), as
Operator
of Service Contract 54A, on behalf of the SC 54A Joint Venture
Partners, advised that it has secured a twelve (12) month extension
of
Sub-Phase 6 of Service Contract 54A from the Philippines Department
of
Energy. The extension will allow the SC 54A Joint Venture further
time
to complete engineering and field development studies in relation
to
the Nido 1x1 oil project prior to making a decision to enter
Sub-Phase
7. TVI owns a 12.5% interest in SC 54A through its
wholly-owned
subsidiary, TG World (BVI) Corporation.
The revised duration of Sub-Phase 6 and Sub-Phase 7 following this
12
month extension are as follows:
Sub-Phase
|
Minimum Work and Financial Obligations
|
Sub-Phase 6
August 5, 2010 - August 4, 2014
|
Drill 1 Exploration Well
US $6M (Work Already Completed)
|
Sub-Phase 7
August 5, 2014 - August 4, 2015
|
Drill 1 Exploration Well
US $6M
|
SC 54A Working Interests
Company
|
Present Working Interest
|
Nido Petroleum Philippines Pty Ltd
(Nido, ASX: NDO)
|
42.40%
(Operator)
|
Yilgarn Petroleum Philippines Pty Ltd (Kairiki, ASX: KIK)
|
30.10%
|
Trafigura Ventures III B.V. (Trafigura)
|
15.00%
|
TG World (BVI) Corporation (TG World)
|
12.50%
|
Total Interest
|
100.00%
|
About TVI Pacific Inc.
TVI Pacific Inc. is a Canadian resource company focused on the
production, development, exploration and acquisition of
resource
projects in the Philippines and
Southeast Asia. The Company
produces
copper and zinc concentrates from its Canatuan mine and is
advancing
its Balabag Gold-Silver project. TVI is a
participant/operator in
several joint venture projects in the
Philippines and Papua New
Guinea
and also has an interest in an offshore Philippine oil
property.
The Toronto Stock Exchange has neither approved nor disapproved
of the
information contained herein.
SOURCE TVI Pacific Inc.
TVI Pacific (PK) (USOTC:TVIPF)
Historical Stock Chart
From Jun 2024 to Jul 2024
TVI Pacific (PK) (USOTC:TVIPF)
Historical Stock Chart
From Jul 2023 to Jul 2024