The Armenia project is a continuation of the 36-month IPM agreement announced in August 2005 that has the Trust managing Transeuro's worldwide concessions, including asset and operations management, development of work programs and authority for expenditures, and supplying services and equipment. The initial phase of the planned US$15-million underbalanced drilling program in Armenia is scheduled to begin in the fourth quarter of this year with a three-well exploration program.
"The continued development of our IPM activities with Transeuro into Armenia further expands our international activities and provides an opportunity to add to our expertise," said Jed Wood, President and Chief Executive Officer. "This project again demonstrates the ongoing value of IPM to our customers and investors."
The Trust also announced that Scottie Hannah, who recently joined the High Arctic team as Drilling Operations Manager, will provide management and technical support to the Armenia IPM activities. Mr. Hannah has more than 28 years experience in the oil and gas industry, including several drilling superintendent positions and most recently was the Business Unit Manager, Air and Underbalanced Drilling, for Weatherford International Ltd.
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