Infinity 2007-08 Local Capex US$1mn-2mn
Denver-based Infinity Energy Resources (Nasdaq: IFNY) plans to invest US$1mn-2mn in 2007-08 to develop its hydrocarbons concession offshore Nicaragua, Infinity said in a presentation.
Infinity holds Caribbean areas in the Perlas (2,291 sq km) and Tyra (3,330 sq km) blocks.
"We believe it to be a multi-billion barrel prospect," company president and COO James Tuell said in a webcast.
A 1998 2D seismic survey by Dutch consultancy Fugro identified five distinct cretaceous structures, Infinity said.
"Some of the corollaries would be like the Cantarell field [in Mexico]," according to Tuell.
This year, "Infinity plans to conduct an environmental study and the development of geological information" of its Nicaraguan concession, according to the company's annual report.
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- Infinity Energy Resources Names Technical Team for Offshore Nicaragua (Jun 23)
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- Infinity Gets Approval for Offshore Nicaraguan E&D Contracts (Jul 07)