REUTERS-EXON AND TRGC ARE THE MASTERS OF CHAD/READ
(Trgc) Trinity Energy Resources, Inc.
952 Echo Lane, Suite 210
Houston, TX 77024.
email: trinity.energy@excite.com.
A formal Convention Agreement has been signed for the exploration
and development of a 108 million acre tract in the Republic of Chad. In June, Trinity
executive management representatives plan to travel to Costa Rica to meet with
government and energy officials regarding the construction of five, 50-mega watt power
generation facilities powered by a gas produced from existing agricultural waste "biomass"
utilizing a new gasification technology. A similar trip is scheduled in June to Honduras to
meet with government and energy officials in regard to a similar power generation project
in that country. These are only a few of the many opportunities currently in our portfolio of
highly attractive international energy projects. We anticipate that the development of these
new opportunities will make Trinity an industry leader in the future, a compelling reason
why timely recapitalization of the company is an absolute necessity. In short, the sooner
we are funded, the sooner we begin doing business, and the sooner we anticipate
increased value for shareholders.
N'DJAMENA, Sept 17 (Reuters) - Chad said on Friday an oil pipeline plan, part of a $3.5
billion investment led by Exxon Corp. (NYSE:XON) but opposed by ecologists, was in the
national interest.
Finance Minister Bichara Cherif Daoussa told a news conference that "there had been no
negative reaction recorded, notably on the part of of the inhabitants of the oil zone."
A Chadian opposition member of parliament, Yorongar Nagrley, has led a campaign at home
to stop the project, saying that he feared it would only enrich members of the government of
President Idriss Deby. He was detained briefly this year.
But earlier this month, political parties both from the opposition and Deby's camp, signed a
declaration supporting plans to drill oil in southern Chad and send it by pipeline to an export
terminal on neighbouring Cameroon.
Environmentalist groups abroad say the project would lead to unacceptable ecological
damage to Chad and Cameroon.
Both Chad and Cameroon are due to hold talks this month with the World Bank, whose
financial support is key to the project to build a 1,050 km (650 mile) pipeline linking oil fields
in the land-locked Chad to an export facility in Kribi, Cameroon.
The World Bank has delayed approval of loans supporting the export pipeline, which would
be the biggest investment in Chad, because of environmental considerations.
A consortium of oil companies, led by U.S. Exxon Corp, the operator, and including Shell
and Elf Aquitaine had originally planned to begin construction of the pipeline this year.
Production is scheduled to start in the last quarter of 2001 or the first quarter of 2002 from
300 wells in the southern Doba Basin's three fields -- Bolobo, Kome and Miandoun.
Copyright 1999, Reuters News Service |
