Energy Exploration Technologies Inc. also announces that NXT and the Ministry of Oil and Mineral Resources of Syria and the Syrian Petroleum Company (S.P.C.) have signed an agreement enabling NXT to conduct its first SFD technology evaluation survey in the Middle East. The SFD survey will be conducted over areas controlled by S.P.C. As a result, NXT is mobilizing its survey crew and aircraft from Calgary and expects them to be in Syria before March 12, 2004. The invitation from the Ministry states that all clearances have been received and the surveys can commence upon the arrival of the aircraft and crew.
There are a number of countries that have invited NXT to conduct SFD technology evaluation surveys in the Middle East, Africa and India. NXT decided to focus on the Middle East region and anticipates that it will take about six weeks to conclude three SFD evaluation surveys. It plans to resume its survey operations in Canada by May 2004.
"This creates the opportunity to introduce our SFD technology and gain acceptance in a highly competitive but lucrative Middle East market," stated Mr. Liszicasz, President and CEO. "A successful completion of our survey in Syria will prove that the SFD technology can operate in other geological settings outside North America. We must demonstrate our ability to identify geological structures defined by proprietary seismic data during our 3,000 km SFD evaluation survey flight in Syria. We will conduct similar SFD evaluation surveys in other countries that have large unexplored sedimentary basins and government-mandated acceleration of oil and gas development programs. A positive result from the SFD survey will open up immediate joint venture opportunities in the Middle East and Africa and enable us to attract considerable European and Middle Eastern investment. There is a serious need in these regions for a low cost, time effective exploration technology, capable of operating in an Offshore/Onshore environment that possesses a significant competitive edge in comparison to the expensive and time consuming conventional seismic method."
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