Syria Awards 3,900 Square Mile Block to Loon

Loon Energy says that the Ministry of Petroleum and Mineral Resources of the Syrian Arab Republic has awarded Loon the right to negotiate a production sharing contract with respect to the 2.5 million acre (3,900 square mile) Block 9.

Block 9 is located in northwest Syria on the northern edge of the hydrocarbon-rich Homs sub-basin. The Homs sub-basin contains some of Syria's significant light oil and gas fields including the Cherrife Da, Ash Shaer Da, Palmyra and Al Rasem Field complexes. The block is under-explored and contains only six wells with the most recent having been drilled more than 10 years ago.

Loon will enter into negotiations with Ministry to finalize the details of the Block 9 production sharing contract with the first discussions expected to take place in late June.