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 1×1 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 | |_______________________________|_______________________________| |Sub-Phase 6 |Drill 1 Exploration Well | |August 5, 2010 - August 4, 2014|US $6M (Work Already Completed)| |_______________________________|_______________________________| |Sub-Phase 7 |Drill 1 Exploration Well | |August 5, 2014 - August 4, 2015|US $6M | |_______________________________|_______________________________|
SC 54A Working Interests
________________________________________________________________ |Company |Present Working Interest| |_______________________________________|________________________| |Nido Petroleum Philippines Pty Ltd | 42.40% | |(Nido, ASX: NDO) | (Operator) | |_______________________________________|________________________| |Yilgarn Petroleum Philippines Pty Ltd | 30.10% | |(Kairiki, ASX: KIK) | | |_______________________________________|________________________| |Trafigura Ventures III B.V. (Trafigura)| 15.00% | |_______________________________________|________________________| |TG World (BVI) Corporation (TG World) | 12.50% | |_______________________________________|________________________| |Total Interest | 100.00% | |_______________________________________|________________________|
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.