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Thursday January 20, 1:36 pm Eastern Time
Company Press Release
SOURCE: EuroGas, Inc.
EuroGas Enters United Kingdom Coal-Bed Methane Project
LONDON, Jan. 20 /PRNewswire/ -- EuroGas, Inc. announces that it has entered into an agreement with Slovgold GesmbH, an Austrian company with headquarters in Vienna, to conduct a six-well pilot program in South Wales to test for coal-bed methane gas. The program will commence within the next two months, and, if successful, will lead to an additional ten well development program.
The terms of the agreement call for EuroGas to cover the costs for the pilot program and the first stage of any subsequent development program in exchange for 40% of the cash flow until payout. EuroGas' interest will be reduced to 25% after payout.
The pilot and development programs cover one license comprising 500 square kilometers (125,000 acres) in South Wales.
There is significant potential for gas production from the South Wales coalfield that underlies the acreage. Currently, there is vent* gas production in the area where consistent flow rates of high purity methane gas have been attained. Based on data from similar basins, the concession area is estimated to contain potentially recoverable reserves in excess of 500 billion cubic feet of gas from an in-place volume estimate of 7 trillion cubic feet of gas.
``We are excited to be participating in our first coal-bed methane project in the UK and are optimistic that the large quantities of gas associated with this prolific coal basin can be exploited commercially by the drilling programs'', said Paul Barrett, Director of Exploration and Production, EuroGas.
Since South Wales is the remotest high demand area in the UK from North Sea gas production, local gas prices are amongst the highest in the UK. Accordingly, local gas production has emerged as a competitive gas source for power generation. South Wales is the third fastest growing region in the UK and the gas market is expected to expand in the coming years.
Vent gas production refers to gas produced from abandoned mine shafts.
EuroGas is an international, independent energy company that controls methane gas concessions in Poland and has oil and gas exploration and development joint ventures in Canada, Poland, the Slovak Republic, Ukraine, and in the Sakha Republic. EuroGas, Inc. common stock is traded on the OTC Bulletin Board under the symbol EUGS, and on the Frankfurt Stock Exchange under the symbol EUG.F.
For a discussion of the contingencies and uncertainties to which information respecting future events is subject, see EuroGas' 1998 annual report on Form 10-KSB and other SEC reports.
SOURCE: EuroGas, Inc.
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