Sunday, September 17, 2006


New Kurdistan oil agreement signed

Calibre Energy, Inc. announced Sept. 15 that it has entered into an agreement with Hawler Energy, Ltd. to participate in an Exploration and Production Sharing Agreement (EPSA) with the Kurdistan Regional Government (KRG) of Iraq, covering the Bana-Bavu structure. Calibre will have a 10 per cent participation interest. The agreement calls for an up front payment of $2 million, an additional $2.5 million work commitment and a $1 million success fee payable upon completion of the first well.The Bana-Bavu EPSA covers the northern extension of the Zagros Fold-belt and is approximately 70 kilometers north of the 17-billion-barrel Kirkuk oil field, located in the Irbil governorate, which is controlled by the KRG.

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