Terra Energy & Resource Technologies has completed the first phase of a $2.4 million service contract with NURMUNAI PETROGAZ, LLC., a Republic of Kazakhstan firm. According to the service contract signed in October of 2008, the Company was to apply its proprietary STeP® and Adsorbed Gas-geochemical Survey (AGS) technologies in prospecting for oil and gas on two license territories totaling over 14,000 square kilometers. The Company has already received $1.5 million out of $2.0 million service fees for the first phase of the contract.
"Our Company was successful in application of its early exploration methodology in connection with this project. During the first phase, our proprietary satellite-based STeP® technology, applied over the whole area, delineated potential oil and gas anomalies. The license blocks of NURMUNAI PETROGAZ are so large that we believe any other exploration method, applied to these understudied territories, would have been significantly less accurate, efficient, and cost effective," said Dr. Alexandre Agaian, President of Terra Energy & Resource Technologies, Inc.
The contract is being carried out in the stages of two separate technological deployments. The Company's proprietary remote sensing STeP® analysis paves the way to the application of Adsorbed Gas-geochemical Survey (AGS). AGS is a unique and innovative geochemical technology, used by the Company to confirm potential oil and gas anomalies, derived by STeP®. Terra Insight Services, Inc., the services division of the Terra Energy & Resource Technologies group of companies, performed STeP® and will carry out the AGS analysis for the client.
The Company has submitted the report with the STeP® findings to NURMUNAI PETROGAZ, LLC. The document and related cartographic materials were fully accepted by the client. Terra Insight Services will commence with the AGS geochemical studies as soon as the local weather conditions permit to obtain the samples.
"Importance of Kazakhstan as an oil & gas country cannot be underestimated; especially considering that our Company gets to perform its remote sensing studies in accordance with the work program, required by the government of the state," said Dmitry Vilbaum, Chief Executive Officer of Terra Energy & Resource Technologies, Inc. "We stay committed to innovative exploration technologies, and we are excited that they keep propagating through the industry, despite the world economic downturn."
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