Petromin Resources Ltd.: Memorandum of Understanding with Indonesian Drilling Contractor
Monday, 01 May 2006
RICHMOND, BRITISH COLUMBIA--(CCNMatthews - May 1, 2006) - Petromin Resources Ltd. ("PTR") (TSX VENTURE:PTR) has signed a Memorandum of Understanding (MOU) with PT. Lins Petrotama Energi "PTLP", a Jakarta based, Indonesian registered company with full licenses to conduct onshore and offshore drilling.
The purpose of the MOU is for "PTR" and "PTLP" to form a business strategic alliance to utilize "PTR's" advanced technology and geological expertise, and coupled with "PTLP's" fully licensed drilling contract statue, to jointly develop oil and gas resources (projects) in Indonesia, and cooperate on the basis of the equity, mutual benefit and common risk by using the combined advantages of both parties.
PTR is to be responsible for providing the technical expertise of Coalbed Methane technology (CBM), CO2 sequestration for Enhanced Oil Recovery (EOR), and computer modeling of reservoir simulation in all identifiable project(s) to be jointly developed with "PTLP". Whereas "PTLP" will be responsible for providing all the necessary licenses, permits and resources where the drilling services of the projects are required under the jurisdiction(s) wherever the project(s) are situated. Further, PTR will participate and lead in the technical and economic evaluation of any project identified, and PTLP will participate with PTR in the negotiation, signature and implementation of any contracts or agreements.
ON BEHALF OF THE BOARD OF DIRECTORS
Kenny W. Chan, Chief Executive Officer
The TSX Venture Exchange has neither approved nor disapproved the information contained herein.