Infinity, Nicaragua Sign Offshore E&P Contracts

Exploration on Nicaragua's Coast
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Texan oil independent Infinity Energy Resources (Nasdaq: IFNY) and Nicaragua's government have signed E&P contracts for the Tyra and Perlas blocks in the Caribbean Sea, the company said in a statement.

Infinity and Nicaragua's energy regulator INE began talks in May 2003, when the oil firm was awarded 24 blocks consisting of 1.4 million acres.

The contracts provide for an exploration period of up to six years with four sub-phases and a production period of up to 30 additional years with a potential five year extension, assuming successful exploration.

The initial capital costs during the first year are expected to total up to US$1mn, with up to US$2mn more during the second to cover costs of environmental studies, geological and geophysical analysis, acquisition of seismic data and other operational expenses.

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