Savoy Energy Corp. (SNVP.OB) Inks LOI to Create JV for Oil Exploration
Savoy Energy Corporation announced earlier last week that it has signed a Letter of Intent (LOI) with Masi Corp Holdings Limited to create a Joint Venture (JV) in Fiji. The joint venture/partnership would be designed to license properties in Fiji for Oil Exploration and drilling rights.
According to the press release, the Pacific Islands Applied Geoscience Commission’s report “Fiji Petroleum Data Package” states: “Over twenty structural reefal traps have been identified on the seismic lines in the Late Miocene and Pliocene sequences, mostly in Bligh Water Basin. Estimates of potential un-risked recoverable reserves are 270 million barrels of oil (mmbo) per structure. If structural-stratigraphic trapping occurs, recoverable reserves could increase to over 1 billion barrels of oil per structure.”
“Our research has shown the island of Fiji and its structural reefal traps has a tremendous amount of oil reserves, and we’re hoping to work closely with Masi Corp in an effort to harvest those reserves in the most efficient, profitable, and responsible way possible,” commented Art Bertagnolli, CEO of Savoy Energy Corporation.
Fiji forms part of the Southwest Pacific island arc system, which marks the boundary between the Indo-Australia and Pacific plates. The Bligh Water Basin and Bau Waters Basin both possess excellent potential for hydrocarbons. Fiji lies on the same regional play trend of Miocene reefs, which produce oil in Irian Jaya, Indonesia and gas/condensate in offshore Papua New Guinea. Fiji’s basins have many similarities with the oil and gas producing, arc-related basins of Southeast Asia. An oil seep in Bligh Water Basin and oil and gas shows in wells provide evidence that hydrocarbons have been generated in the basins.
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