Savoy, Masi Form JV in Fiji for Oil Exploration, Oilfield Services
Savoy Energy announced that the Company's representatives met with representatives of Masi Corp Holdings Limited at the Westin Hotel in Nadi, Fiji to complete an Oil Exploration Joint Venture. The new Joint Venture entity, Savoy-Masi Petroleum Corporation Limited, is designed to license properties in Fiji for Oil Exploration, recompletion, and work-over activities.
"In the early 80's a lot of the big Oil companies were drilling for Oil in Fiji before the price per barrel dropped. As a result of their activity, a significant amount of data was accumulated, including seismic data for reefal traps and proven reserves from drilling," stated Art Bertagnolli, CEO of Savoy Energy Corporation. "Now with Oil being above US$60 a barrel and Fiji's proximity to China, opening up new drilling makes economic sense and will create tremendous shareholder value," continues Mr. Bertagnolli.
The Pacific Islands Applied Geoscience Commission's report 'Fiji Petroleum Data Package' states; 'Over twenty structural reefal traps have been identified on the seismic lines in the Late Miocene and Pliocene sequences, mostly in Bligh Water Basin. Estimates of potential un-risked recoverable reserves are 270 million barrels of oil (mmbo) per structure. If structural-stratigraphic trapping occurs, recoverable reserves could increase to over 1 billion barrels of oil per structure.'