Patch Inks Deal for North African Oil & Gas Opportunities
|Monday, November 08, 2004
Patch International has signed a formal agreement with a company operating internationally to develop oil and gas opportunities in North Africa. The partnership with First Petroleum Inc., a private corporation, will lead to the establishment of a partnership operation specializing in the oil and gas exploration and production activities within this highly lucrative North African markets, particularly Algeria and Libya.
First Petroleum is headed by Danilo Mancin, a renowned international businessman, who has led various projects throughout the world. Mr. Mancin brings to the table an extensive network of high-level contacts in several countries in the North African oil and gas sector, as well as within the local governments. First Petroleum has several contracts under negotiation. These range from multi million dollar oil and gas exploration projects to several billion dollar refinery projects.
"The experienced team at First Petroleum will play a vital role in assembling a portfolio of oil and gas assets for Patch to firmly establish our presence in the North African market," said David Stadnyk, Patch International President and Chief Executive Officer. "There are significant opportunities in North Africa that the Company can tackle, and our partnership agreement with a strong local player with a proven record of delivering results will prove necessary to the success of Patch International in Libya and Algeria."
"We look forward to our association with the Patch International management team to develop mutual oil and gas opportunities in North Africa," said Danilo Mancin, First Petroleum President. "The North African oil sector is a perfect fit for Patch's technical know-how and experience."
"We are very excited about being strongly represented in such a lucrative oil and gas market, which is a first step and important catalyst to the successful identification and winning of major projects in North Africa. We truly believe that First Petroleum, with their strong local ties, to be the ideal partner to build a successful operation in the region. This will be accomplished through working closely together in targeting the most interesting and profitable oil and gas projects available, thus positioning Patch International to be an important player in the North African oil industry," concluded David Stadnyk, Patch International President and CEO.