Govt, March to Ink Tamarugal Exploration Contracts

Canadian oil company March Resources (TSX-V: MCF) reported Chile's government has invited it to sign the definitive special operations contracts for oil and gas exploration in northern Chile on May 9.

The contracts outline the exploration and development rights on two blocks in the Tamarugal basin valid for 35 years and will detail work commitments, March said in a statement.

The Pica North and Pica South blocks cover roughly 9,500km2.

March also negotiated a contract for a Canadian based rig and crew to be used on the project. The final rig contract is due to be signed at the same time as the special operations contracts.

With the receipt of the contracts and the rig secured, March aims to begin initial exploration wells "as soon as practical, and is anticipating a spud date in the late summer."

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