*** News Guide Bulgaria *** - Bulgaria Grants Irish, British ...
Bulgaria Grants Irish, British Explorers Two More Years To Search for Oil, Gas Bulgaria`s government said on Thursday it granted Ireland-based Balkan ...
Balkan Explorers Bulgaria and JKX Bulgaria have met their commitments under the previous exploration permits that expired in 2007, and were granted extension until 2009, government press officer Ralitsa Toshirova told. The extended exploration permits apply to the prospects Golitza and Golitza-1. During the two-year extension period, the companies are expected to invest 7.6 million euro ($11.1 million) in Golitza and 1.05 million euro in Golitza-1. Also on Thursday the government gave the go ahead to Balkan Explorers Bulgaria to transfer 25% of its oil and gas exploration permit for Golitsa to JKX Bulgaria. After the transfer each company will have 50% of exploration rights over each of the two prospects. Balkan Explorers Bulgaria was first permitted to explore Golitsa in 2003 and got a permit for Golitza-1 in 2004.
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