EastSiberian Plc has signed a cooperation agreement (a letter of intent) with Empresa Nicaraguense del Petróleo, the Nicaraguan national oil company (Petronic) with the intention of finding ways to cooperate in oil and gas activities in Nicaragua.

The consortium (EastSiberian and Petronic) intends to submit a request to the Nicaraguan Ministry of Energy and Mines (MEM) for approval of the EastSiberian group of companies as a qualified exploration and exploitation contractor in Nicaragua and thereafter to submit a request to MEM for approval to start exclusive negotiations for concession contracts. This is an early phase, but a first step towards possible exploration activities in Nicaragua.

Mr. Phipps, the President of the Corporation, stated that he was 'very pleased to have achieved this important first milestone in its efforts to obtain oil concessions in Nicaragua and looks forward to working with Petronic'.

Tags: EastSiberian Plc