Boston, MA 09/17/2014 (wallstreetpr) – According to reports, Genie Energy Ltd (NYSE:GNE) has decided to execute additional oil shale exploration in Mongolia. It recently announced that its subsidiary Genie Oil Shale Mongolia, LLC had entered into an agreement with the Petroleum Authority of Mongolia. Soon the firm will start its operations.
Insights of the agreement:
Soon Genie Energy Ltd (NYSE:GNE) will start additional oil shale exploration. The exploration block of GNE will cover around twenty-five thousand square kilometers in Central Mongolia. It is located in the southeast part of the Mongolian capital, Ulaanbaatar. It is first of its kind agreement under the recently passed new legislation. It also provides a framework under which GNE can ask for a commercial production agreement as soon as suitable location and resources are identified. The management of GNE is pleased with the execution of this agreement. According to Michael Jonas, Director and Executive Vice President of Business development and Exploration at GNE, the local authorities played a vital in helping the company to execute the agreement. He gave special thanks to the Ministry of Mining and the Petroleum Authority for their professionalism and hard work.
He further added that Genie Energy Ltd (NYSE:GNE)’s investment in Mongolia would not only help the company to expand its operations in the domestic market, but also help the local economy. The investment would further create a lot of opportunities of jobs for local people. Yuval Bartov, Chief Geologist of GNE Gas and Oil segment, said that the site that was chosen by the company for exploration might contain rich and thick oil shale. According to him, GNE could easily find the row material that it used for oil exploration easily in Mongolia. If taken into consideration the previously signed agreements, GOSM now has total of 60,000 square kilometers in Mongolia for oil exploration activities. Genie Energy Ltd (NYSE:GNE) and Petroleum Authority of Mongolia look forward to taking their relationship on the next level.
