TVI Pacific Announces Twelve month Extension of Service Contract 54A - Sub-Phase 6 Secured
TSX: TVI OTCQX: TVIPF
CALGARY, July 8, 2013 /CNW/ - TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF) (TVI or the Company) announced today that Nido Petroleum Philippines Pty Ltd, a subsidiary of Nido Petroleum Limited (ASX: NDO), as Operator of Service Contract 54A, on behalf of the SC 54A Joint Venture Partners, advised that it has secured a twelve (12) month extension of Sub-Phase 6 of Service Contract 54A from the Philippines Department of Energy. The extension will allow the SC 54A Joint Venture further time to complete engineering and field development studies in relation to the Nido 1x1 oil project prior to making a decision to enter Sub-Phase 7. TVI owns a 12.5% interest in SC 54A through its wholly-owned subsidiary, TG World (BVI) Corporation.
The revised duration of Sub-Phase 6 and Sub-Phase 7 following this 12 month extension are as follows:
|Sub-Phase||Minimum Work and Financial Obligations|
August 5, 2010 - August 4, 2014
Drill 1 Exploration Well
US $6M (Work Already Completed)
August 5, 2014 - August 4, 2015
Drill 1 Exploration Well
SC 54A Working Interests
|Company||Present Working Interest|
Nido Petroleum Philippines Pty Ltd
(Nido, ASX: NDO)
|Yilgarn Petroleum Philippines Pty Ltd (Kairiki, ASX: KIK)||30.10%|
|Trafigura Ventures III B.V. (Trafigura)||15.00%|
|TG World (BVI) Corporation (TG World)||12.50%|
About TVI Pacific Inc.
TVI Pacific Inc. is a Canadian resource company focused on the production, development, exploration and acquisition of resource projects in the Philippines and Southeast Asia. The Company produces copper and zinc concentrates from its Canatuan mine and is advancing its Balabag Gold-Silver project. TVI is a participant/operator in several joint venture projects in the Philippines and Papua New Guinea and also has an interest in an offshore Philippine oil property.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
SOURCE TVI Pacific Inc.
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