Vangold updates on Armenia oil project

Vangold, an international resource company with a diverse portfolio of advanced stage oil, gas and mineral projects worldwide, provides an update on its Armenia oil project.

Vangold, along with its partner Blackstairs Energy, has signed an exploration and production sharing agreement with the government of Armenia, in April 2007.

The joint venture partners have already opened an office in Yervan, the capital of Armenia, to commence the operation in that country.

Armenia is ideally located adjacent to oil rich countries Azerbaijan, Georgia and Iran. The Joint-Venture’s work program over the initial five years will include geological, gravity and geochemical studies, remote sensing (satellite imagery) and 170 km of 2D seismic.