The representatives of the Corporation have visited Algiers during the past months, and are currently in country evaluating several Blocks.
Algeria is an important member of OPEC ("Organization for Petroleum Exporting Countries") and a founding member of GECF ("Gas Exporting Countries Forum"). Algeria has 11.3 GBO of proven oil reserves and its recoverable oil reserves may be as high as 43 GBO. Its daily production of liquids in 2003 averaged 1.86 million barrels. Algeria also has 160 TCF in proven natural gas reserves and its recoverable gas reserves may be as high as 282 TCF. Its current annual gas export is about 2 TCF. Algeria supplies 20% of the total natural gas consumption in western Europe, and it exports 90% of its oil production to Italy, Germany, France, Netherlands, Spain, Great Britain and the USA. The Algerian export grade crude oil, the Saharan Blend, is amongst the world's highest quality crude oils.
Michael Nugent, President states "We are very pleased to be invited to this licensing round and are hopeful that we can have equal success as was accomplished in Egypt earlier this year where the Company was successful in securing rights to the 7,500,000 acre NUQRA Concession."
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