CORP. AGREEMENT / CORDEX Petroleums Set To Explore And Develope
South American Properties
CORDEX PETROLEUMS INC.
TSE SYMBOL: CZX.A
JANUARY 6, 1998
Cordex Petroleums Inc. Has Signed Agreements
DENVER, COLORADO--CORDEX Petroleums Inc. has executed agreements
with AXEM-EG LLC, Westport Oil and Gas Company Ltd. and Minnowburn
Corporation to fund exploration and development work on CORDEX's
Austral Basin Fell Block, an oil and gas concession in Chile, and
its Del Mosquito concession in the Austral Basin of Argentina.
Axem, Westport and Minnowburn will invest US $10 million with
CORDEX Petroleums on these projects. Included in the total is
$1.5 million, which was an advance to CORDEX Petroleums. The
remaining $8.5 million will be invested in 3-D seismic, workovers,
and other drilling activities.
Axem, Westport and Minnowburn will spend $3.5 million in 3-D
seismic and workovers to earn a 36 percent interest in the Fell
Block in Chile. Axem, Westport and Minnowburn can earn an
additional 14 percent of CORDEX's interest in the concession by
investing an additional $2.5 million in various development
activities on the concession.
Axem, Westport and Minnowburn will invest $2.5 million in the Del
Mosquito concession in Argentina to earn a 50 percent interest in
the concession. The initial work will consist of a 3-D seismic
shoot followed by drilling activity on the concession. |
