Democratic
Peoples Republic of Korea
In DPRK on 27 August 2001, PHOENIX OEL AG signed, under excellent
economic conditions, a production sharing agreement covering
several blocks in the Western and Northern Korean offshore
basins. An exploration well is currently under drilling in
the Southern part of the West Basin blocks (well 612). |
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Libya
PHOENIX OEL AG is presently acquiring under excellent economic
conditions the right to purchase the oil and gas reserves
owned by the Bulgarian Government in Libya (BOCO's blocks
NC100 and NC101). The sale and purchase agreement will become
effective at PHOENIX OEL's election when appropriate terms
and conditions to develop those reserves are secured from
the Libyans. |
Nigeria
PHOENIX OEL AG has agreed to act as an operator in Nigeria
to develop and produce oil reserves. A domestic Nigerian oil
company has been set-up by prominent Nigerian individuals,
with the participation of PHOENIX OEL AG as the technical
and operational support for the petroleum activities. |
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