Oromin Explorations Ltd. reports that the exploration rights for its Santa Rosa oil and gas project in the Province of Mendoza, Argentina have now been formally authorized. The Government of Mendoza has issued Decree # 1018/2008. This decree grants Oromin’s Argentina subsidiary the Permit to Explore and eventually a Concession to Exploit hydrocarbons in the CC y B-9 (Cuenca Cuyana & Bolsones 9) Santa Rosa Block.
Receipt of this formal decree now clears the way for the Company commencing exploration for petroleum on the Santa Rosa Block. The Santa Rosa Block has an area of 7,694 square kilometres with approximately 300 square kilometres being the area of greatest exploration interest. It covers a large, untested, shallow dome structure (less than 1,200 metres target depth) that is defined by four surrounding seismic lines on a regional grid. The Santa Rosa Block is located within the Cuyana Basin which has produced over 940 million barrels of oil and has an established infrastructure of pipelines, a refinery and an experienced oil industry work force.
Preparation of a 51-101 report on the Santa Rosa Block by an independent consultant is now underway. Otto Energy Limited has a Letter of Intent with the Company which enables it to earn up to a 41.24% working interest by the expenditure of up to US$2,297,381.
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