News Releases
March
19, 2007
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SOVEREIGN
SIGNS TWO FARM-IN AGREEMENTS WITH
MARI GAS, PAKISTAN
International
Sovereign Energy Corp. (the “Company”) is pleased
to report that the formal Farm-In Agreements on the two previously
announced blocks have been signed with Mari Gas Company of
Pakistan, the second largest producer of gas in Pakistan.
Sukkur Block
The
Company has a 15% working interest in the block, which covers
an area of 2,435 Sq. Kms., situated in the Sindh province
and is surrounded by numerous large gas fields producing from
multiple reservoirs. There are four producing gas fields within
the ‘Sukkur Concession’. The Sembar formation, which is the
source rock for all the producing fields in Sindh, is present
in the block. The reservoir rocks of Lower Goru and Sui main
limestone has the combined potential of 0.5 to
10 TCF of gas. Mari Gas, the operator of the block, has acquired
seismic data and interpretation is in progress. Two exploratory
wells are expected to be drilled in the last quarter of 2007.
Gas pipeline is also situated within the block.
Sujawal Block
The
Company has a 15% working interest in the block, which covers
an area of 2,416 Sq. Kms., located in the Sindh province,
Badin area, which contributes more than 50% of the oil production
in the country, and numerous oil and gas discoveries exist
to the East of the block. The basal sand unit of Lower Goru
sandstone is the primary target, which is the producer in
most of the discoveries in the Badin area. Seismic data has
been acquired and interpretation is in progress. The drilling
of one exploratory well is expected in the third quarter of
2008.
Charapa,
Ecuador Update
Implementation
of the modified work program requires an updated environmental
baseline study of the Charapa Concession, along with environmental
impact studies for the areas to be covered in the pending
seismic program, as well as the access and drill pad location
for the initial drill target in the Conejo section of the
Concession (Conejo 1 well) which target is based on existing
seismic data. Work is scheduled to commence in April, 2007.
The
Charapa Concession is located North of the producing Lago
Agrio field, which has produced 145 million barrels of light
oil since 1972, primarily from the cretaceous Hollin formation.
Cumulative past production from the Charapa field was some
1.694 million barrels of oil primarily from the Caliza ‘B’
reservoir.
The
Charapa block contains three (3) prospective untested structures,
which are the primary areas of interest within the Concession
and are the areas covered in the modifications to the Concession
Agreement, namely: Conejo ;
The Conejo structure is bordered to the East by the same pronounced
reverse fault that sets up the producing San Miguel/Acae field
located 6 Kms to the North across the Colombian border. A
vertical well for purposes of evaluating the Conejo structure
is planned. Charapa S.W. ; is
a seismically defined feature, this structure will be evaluated
seismically as part of a 50 Sq. Km 3-D survey . Halcon
; The Halcon structure
is located in the S.W. portion of the Concession. This structure
will also be evaluated by the planned seismic program.
International
Sovereign Energy Corp. is an oil and gas exploration development
and production company with offices in Vancouver, British
Columbia, Calgary, Alberta and Islamabad, Pakistan and is
active in the exploration and development of hydrocarbon reserves
in Western Canada and internationally.
For
further information, please contact:
Omair
Choudhry
Chief
Financial Officer
Tel:
(604) 684-7372
Fax:
(604) 684-2407
Or
visit our website at www.isove.com
The
Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Certain information provided in this press release contains
forward-looking statements that by their nature are subject
to numerous risks and uncertainties and readers are cautioned
that actual results may vary considerably from those forecasted.
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