EuroGas Inc., New York, (Pink Sheets: EUGS; XETRA: EUG) has entered into a partnership with closely-held, Toronto-based Galizien Energy Corp. to develop certain coal-bed-methane properties in Ukraine.
Held by EuroGas and its Ukrainian partners, the gas properties comprise coal-bed-methane permits and an interest in as many as 2,000 plugged and shut-in gas wells in eastern Ukraine.
Galizien is expected to spend approximately US$5 million in the first exploration phase involving the drilling of 10 new coal-bed-methane wells; reservoir and core evaluation; and well completions on the eastern Ukrainian properties held by EuroGas Ukraine, a private company equally owned by EuroGas GmbH and OJSC NT Technologies of Kiev.
EuroGas chief executive Wolfgang Rauball says, "The tremendous amount of press coverage on the potential that European shale gas has received in Poland and Ukraine is well merited. Our partnership with Galizien and its COO, Dr. David Kahn, is expected to fast-track the development of our considerable CBM properties, starting with eastern Ukraine."
The EuroGas-Galizien joint venture is expected to commence drilling as early as this fall.
Galizien intends to become a major conventional and unconventional gas player in Eastern Europe.
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