Stealth Ventures has entered into a Joint Study Agreement (JSA) with the Oil and Natural Gas (ONGC), India, to evaluate emerging Unconventional Resource plays and opportunities in India.
The objective of the JSA is to identify the unconventional resource plays within India, and a high priority has been given by both parties, to identify high growth profile shale gas and CBM prospects, on the basis of the large database available within ONGC. Stealth and ONGC will commence the evaluation process using ONGC's extensive data base and land profile to identify near term shale gas, CBM and tight sand prospects, with a longer term view to be taken on the basis of the results that emerge from the initial stages of the study. Work is expected to commence by June 30, 2010.
Stealth continues to strengthen its international diversification, strategy and focus, with India being identified as a key strategic Country. As part of this evolving strategy Mr. Subra Subramaniam has been appointed Executive Chairman of the Board of Directors, effective June 07, 2010. Throughout the course of 2010 the Company plans to aggressively pursue all E & P opportunities, with a strong focus on unconventional hydrocarbons in emerging markets, where the Stealth's technology, experience and expertise can be leveraged and utilized.
Commenting on the developments Derek Krivak Stealth's CEO said, "We are excited to enter the Indian oil and gas sector and think there is tremendous opportunity as these are very early days especially when you look at unconventional resources such as shale gas. We look forward to working with the ONGC on this project and in building a long-term relationship in India and elsewhere."
Subra Subramaniam, newly appointed Chairman said, "It is an honor and a responsibility to be reposed with the confidence of the Board, to help lead the Company to emerge as a successful oil & gas Operator in the international market-place. I humbly accept this assignment and I will put in every effort to build an international asset base for SLV, through strategic alliances, farm-in and acquisitions and by adding in the right persons with the desired skill sets, to implement the short and long term plans of Stealth. In the next few months we contemplate changes that will reflect the Company's international focus and build on the strategic alliances and relationships that have emerged over time, and also leverage the in-house technical knowledge and expertise to add value to any transaction, whether it be an acquisition or a farm in. The ONGC JSA marks the beginning of Stealth's international focus and operations."
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