Kulczyk Oil Ventures Inc. announces that it has been advised by the General Petroleum Corporation (GPC) of Syria, that the initial exploration period under the terms of the Block 9 Production Sharing Contract (Block 9 PSC) has been extended for 11 months from 28 November 2011 to 27 October 2012. The Company had previously announced on 17 October 2011 that it was suspending exploration activity in Syria and that the Itheria-1 well, which was spud in July 2011 with a target depth of 3,256 meters, was suspended at a depth of 2,072 meters.
Loon Latakia Limited, a wholly owned subsidiary of Kulczyk Oil, operates the block and has a participating interest of 50%. The other partners in Block 9 are MENA Hydrocarbons (Syria) Ltd., a wholly owned subsidiary of MENA Hydrocarbons Inc., with 30%, and Triton Petroleum Pte Ltd. with 20%. The Block 9 PSC provides the right to explore for and, upon fulfillment of certain conditions, to produce oil and gas from Block 9, a 10,032 square kilometer (2.48 million acre) area in northwest Syria.
