Oromin Explorations Ltd.: Agreement Reached for Drilling Santa Rosa Property.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- Oromin Explorations Ltd. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:OLE) - HIGHLIGHTS - AUSTRALIA'S OTTOMAN ENERGY CAN EARN A 32.48% INTEREST BY FUNDING USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. $1.4 MILLION IN EXPLORATION, INCLUDING DRILLING - OTTOMAN CAN EARN A FURTHER 8.76% BY SPENDING A FURTHER USD$897,000 Oromin Explorations Ltd. is pleased to report that it has reached an agreement in principal with Ottoman Energy Ltd. with respect to Oromin's Santa Rosa Santa Rosa, city, Argentina Santa Rosa, city (1991 pop. 80,629), capital of La Pampa prov., central Argentina. It is a modern city and road junction surrounded by a rich agricultural and cattle-raising area. petroleum exploration block in Argentina. Ottoman is based in Perth, Western Australia This article is about the metropolitan area of Perth, Western Australia. For the local government area, see City of Perth. Perth is the capital of the Australian state of Western Australia. and is currently involved in onshore exploration in the Thrace Basin The European side of Turkey is called the Thrace Basin. It is the largest and thickest Tertiary sedimentary basin in Turkey. The basin is triangular shaped, trends WNW-ESE and was formed by extension in late Middle Eocene to latest Oligocene times. in Turkey and offshore exploration in the Palawan and Visayas Basins in the Philippines. More information on Ottoman can be obtained by visiting Ottoman's website at www.ottomanenergy.com. Ottoman has agreed to spend USD$1,400,000 on exploration to earn a 32.48% working interest in the project. Thereafter, Ottoman can acquire an additional 8.76% interest from Oromin to increase its interest to 41.24% (the equivalent of Oromin's interest) by incurring a further expenditure of USD$897,381. Oromin and Ottoman expect the exploration work to include the drilling of up to three exploration wells to around 1,250 meters each. The Santa Rosa Project is a 7,694 square kilometre Square kilometre (U.S. spelling: square kilometer), symbol km², is a decimal multiple of the SI unit of surface area, the square metre, one of the SI derived units. 1 km² is equal to:
The exploration work comprises some further seismic modelling and the drilling of two or three wells on or near the crest of the dome. Oromin and Ottoman anticipate that the drilling program will take place towards mid 2006, depending on the timing of the final award of the concession and on rig availability. Oromin currently owns 82.48% of the concession and Surge Global Energy Inc. holds a 17.52% working interest in the project. In connection with this transaction, Oromin has agreed, subject to regulatory approval, to pay a finder's fee Finder's fee A fee a person or company charges for service as an intermediary in a transaction. finder's fee The charge levied by a person or firm for putting together a deal. of 75,000 shares of Oromin. Further to its news release of August 9, 2005, Oromin is also pleased to report that the loan of USD$600,000 has been converted into 1,701,644 units of Oromin, each unit consisting of one common share of Oromin and one non-transferable share purchase warrant entitling the purchase of an additional share of Oromin at a price of CAD$0.43 per share until November 15, 2007. To find out more about Oromin Explorations Ltd. (TSX VENTURE:OLE), visit www.oromin.com. On behalf of the Board of Directors of OROMIN EXPLORATIONS LTD. Chet Idziszek, President The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy and accuracy of this release. Oromin Explorations Ltd. (TSX VENTURE:OLE) |
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