Terra Energy & Resource Technologies, Inc. (OTCBB:TEGR), a natural resource exploration technology company, has been granted a services contract by Petroquimica Comodoro Rivadavia S.A. (PCR) for oil and gas exploration in Argentina. The $1.23 million services contract is for four stages of work, covering several territories in Argentina, and requires Terra to carry out the services, based on Sub-Terrain Prospecting (STeP(R)), Naturally Adsorbed Gas Survey (NAGS), and Side View Seismic Locator (SVSL) technologies of the Terra Technologies Suite.
The prepayment for the first stage, STeP(R) analysis of two license blocks, has been received, and the services have started. The second stage of STeP(R) services for the remaining land parcels is contingent on certain government authorizations. According to the contract, Terra will also perform its SVSL and NAGS services upon completion of the STeP(R) studies.
"We have recently started expanding into the South American markets, and we are especially encouraged that we signed this sizable contract with such a reputable energy company as PCR," said Dmitry Vilbaum, CEO of Terra Energy & Resource Technologies.
Dr. Alexandre Agaian, President of Terra Energy & Resource Technologies, stated: "This project is particularly interesting not only because it covers several unconnected areas but also because it calls for concurrent application of Terra suite of products, STeP(R), SVSL, and NAGS. We are encouraged by the innovative vision of PCR's management which decided to incorporate vastly different datasets -- traditional geological and geophysical data and Terra analysis – into its exploration program."
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