Oromin Explorations Ltd. has announced the receipt of an independent report (the "Santa Rosa Evaluation") from Aeon Exploration Inc. of Calgary, Alberta that provides an evaluation of prospective resources with respect to its 100% owned CCyB-9 Santa Rosa exploration permit and exploitation concession on a property located in the Cuyana Basin in the Province of Mendoza, Argentina.
The independent report concludes that the unrisked probabilistic recoverable oil resource potential for the Santa Rosa project ranges from 45,167,000 barrels of oil to 380,800,000 barrels of oil, and sets out 131,564,000 barrels of oil as the most likely amount of recoverable resources on the prospect. The Company emphasizes that the Santa Rosa project is a wildcat prospect, and the top of the dome structure target has not been drilled.
"This robust valuation of the prospective resources at the Santa Rosa Block strongly encourages Oromin to drill the necessary wells to test the prospect in a rapid time frame. We are working closely with government and industry participants in Mendoza towards drilling up to three test wells, which which we expect to take place in the first quarter of 2009," said Dr. Norman Haimila, director and VP Explorations - Petroleum of the Company.
The Company's wholly-owned subsidiary Exploraciones Oromin SA holds its interest in the permit and the exploitation concession pursuant to Decree 1018/2008 of the Province of Mendoza, issued on May 2, 2008 (the "Decree"). The Santa Rosa CCyB-9 Block is covered by the Decree for the exploration for hydrocarbons comprising 7,694 km2 situated over the Santa Rosa Dome centered around latitude 33 degrees 15' South and longitude 67 degrees 40' West, extending from 52 km to 130 km east of the city of Mendoza, and approximately 100 km north from the River Tunuyan, in the Province of Mendoza, Argentina.
Letter of Intent with Otto Energy Limited
As disclosed in the Company's regulatory filings since 2005, Otto Energy Limited executed a Letter of Intent with the Company which enables it to earn up to a 41.24% working interest in the Santa Rosa Dome Prospect, in two stages, by the expenditure by Otto of a total of US$ 2,297,381. Otto's participation is subject to the completion of legal and financial due diligence to Otto's satisfaction, and to the settlement and execution of a joint venture agreement respecting the project. Each of these pre-conditions is currently under way.
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