Transmeridian Receives Approval to Flare Gas through November
Transmeridian Exploration Incorporated (AMEX:TMY) has received approval from the government working group on monitoring of gas utilization programs to extend its current year permit for flaring associated gas until November 1, 2007 and to increase the original permitted allowance of 7 million cubic meters to 20 million cubic meters during such period. This approval allows the company to flare gas within this cumulative volume without penalty, subject to implementation of its amended gas utilization plan, providing for use of the gas in a local manufacturing facility, by November 1, 2007. If the gas utilization plan is not implemented by such date, the company would be subject to fines for gas production above the original permitted allowance. The working committee is composed of representatives of several government ministries, including the Ministry of Energy and Mineral Resources (MEMR) and the Ministry of Environmental Protection (MEP). The working committee protocol also requires the company to obtain consent of the MEP to its amended gas utilization plan, which has already been approved by the MEMR. The company intends to submit its application for such approval on or about July 20, 2007 and anticipates receiving all necessary consents and approvals from both national and local authorities on or about July 27, 2007.
"Receipt of the approval of the working committee is the most significant step in the process," commented Lorrie T. Olivier, Chief Executive Officer, "and we expect to obtain the remaining consents to our revised gas utilization plan from the Ministry of Environmental Protection and local authorities in approximately ten days. At that time, we anticipate that production from the field will resume through our permanent central production facility and demercaptan unit. We will be directly involved with construction of the manufacturing facility for use of our gas and we anticipate it will be in operation by November 1, 2007."
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