Blackstairs in Armenia

Blackstairs negotiated and agreed a Petroleum Exploration and Production Sharing Agreement over three contiguous blocks in Armenia - these are Blocks 4, 5 and 6 and they cover an area of almost 14,000 sq. km. The initial term of the licence runs for 5 years with a start date of September 30th 2007; two extensions each of two years may also be agreed. Blackstairs introduced a 50% Joint-Venture partner- Vangold Resources- to the licence in 2007. Vangold is a Canadian natural resources company, listed on the Toronto exchange and with extensive mining and oil and gas interests. As licence operator Blackstairs will undertake the exploration of the three blocks. The work programme comprises geological and geophysical studies and 2D seismic acquisition. Exploratory drilling is at the Joint -Ventures discretion. A total financial commitment of $2.4 Million over the initial five years is enshrined in the Petroleum Contract.

Blackstairs opened an office in Yerevan in 2007 and an experienced team of technical financial and support staff works alongside General Manager Tim Papworth.