IPR Wins Syrian Exploration License

Texas-based independent IPR, through its subsidiary IPR Mediterranean Exploration Ltd. (IPRMEL), signed the Exploration Concession Agreement (Block XXIV) with Syrian Ministry officials on January 15, 2004. The award of Block XXIV was a result of the 2002 Bid Round sponsored by the Ministry of Petroleum & Mineral Resources (MPMR) of Syria for the exploration of oil and gas under Production Sharing Agreements.

IPRMEL, the Operator of the concession, will scour 4,000 square kilometers with its partner, ONGC Videsh Limited (OVL), in three phases of exploration over seven years. The first phase of exploration will require the drilling of two wells and the acquisition and reprocessing of 500 square kilometers and 1,200 square kilometers of 2D seismic, respectively. The following two phases will consist of drilling two wells and acquiring 500 km2 of 2D or 3D seismic equivalent. The exploration financial obligation by the IPRMEL/OVL consortium will be US $15.5 MM. President and CEO of the IPR Group, Dr. M.K. Dabbous, stated "we are very excited to be exploring in this prolific area of Syria, as two producing oil and gas fields in our concession provide testimony to the potential of this area."

IPR has extensive experience in Syria as a result of numerous integrated reservoir engineering studies conducted over the last 15 years. As an E&P company, IPR is optimistic that its foray in the Syrian exploration arena will be successful as the block holds prospects with production estimated to be as high as 30,000 barrels of oil per day.