American Manor Participates in NTI's Offshore Nigeria Oil & Gas Concession.CALGARY, Alberta--(BUSINESS WIRE)--Nov. 19, 1997--NTI Resources Limited (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :NTI NTI NewTech Infosystems (software company, Irvine, California) NTI Nuclear Threat Initiative NTI National Transit Institute (New Brunswick, New Jersey) NTI Nunavut Tunngavik Incorporated .) NTI Resources Limited (NTI-ASE: the "Company"), is pleased to announce that a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. , dated November 17, 1997, has been signed between NTI and Cuca Corporation ("Cuca"), a 100 percent owned subsidiary of American Manor Corporation ("ANO Noun 1. ANO - a Palestinian international terrorist organization that split from the PLO in 1974; has conducted terrorist attacks in 20 countries; "in the 1980s the Fatah-RC was considered the most dangerous and murderous Palestinian terror group" "), whereby Cuca has acquired a 25 percent fs working interest in the first well to be drilled by NTI in OPL-460, offshore Nigeria. Cuca will pay US$2 million for the 25 percent working interest in this first well, for which it will also be granted the right of first refusal Right of First Refusal In general, the right of a person or company to purchase something before the offering is made available to others. Notes: For example, a football team may have the right of first refusal on a player's contract. to participate on a similar basis on all subsequent wells drilled on the BB Prospect which encompasses a 35 sq km area. Furthermore, Cuca will have the right to participate in future exploration activities on the balance of the OPL OPL Open Publication License OPL Olympus Product Line (Sun) OPL outer plexiform layer OPL Organiser Programming Language (PSION) OPL On-Premise Laundry OPL Optical Path Length OPL Open Public License 460 concession (400,000 acres). Should this first well be successful, Cuca's share of its working interest will be calculated after NTI recovers its seismic cost plus other expenses. A deposit of US$1 million has been received by NTI, with the balance due to NTI once satisfactory due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. by ANO is completed. ANO, whose shares are traded on the Alberta Stock Exchange, is a Canadian resource company with both oil & gas and mineral interests worldwide. An update on NTI's drilling plan, following a recent engineering review, calls for the first well to be drilled in the BB Prospect instead of the Bilabri Prospect as previously announced. The BB Prospect is located towards the northeast of OPL 460 with water depth of around 60 meters. The overall size of the structure is approximately 7 by 5 kilometers. NTI expects to spud the well within the next two weeks under a turnkey contract with Global Marine Integrated Services In computer networking, IntServ or integrated services is an architecture that specifies the elements to guarantee quality of service (QoS) on networks. IntServ can for example be used to allow video and sound to reach the receiver without interruption. - International Inc. The selection of the BB Prospect is particularly attractive because of the lower reserve threshold necessary for commercial development, the close proximity to Texaco's Pennington facilities and the resultant early production capability. Finalization of the transaction is subject to regulatory approvals and due diligence review by ANO. -0- Note to Editors: The Alberta Stock Exchange has neither approved, nor disapproved, the information contained herein. CONTACT: NTI Resources Limited Chu-King Eng, 403/233-8405 403/233-7111 (FAX) http://www.nti-resources.com apecgroup@aol.com or NTI Resources Limited Sandy Uno, +65-538-2500 +65-538-1048 (FAX) ssunonti@singnet.com.sg nti@nti-resources.com |
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