Eurasia Energy Limited (the "Company") (OTCBB:EUEN) announces that it has closed a US$750,000 private placement financing. The Company will issue 250,000 units at US$3.00 per unit, the company told Trend.
The Block includes the producing Alat-Deniz oil and gas field and a string of seven prospective exploration structures (Hamamdag-Deniz, Garasu, Sangi-Mugan, Ulfat, Aran-Deniz, Dashly and Sabayil) trending in a south-easterly direction from the coast to seventy kilometers offshore.
The balance of the proceeds will be used for working capital and will finance the Company's operations for the next 12-18 months. The Company's technical team is currently working with SOCAR to identify, assemble, digitize and evaluate existing production exploration data on the Block. It is expected that the Company's petroleum engineering consultants, TRACS International Consultancy Ltd., will begin their assessment of this data by mid March, 2006, the company announced.
Water depths are predominantly up to twenty meters and reach a maximum of fifty meters at the far end of the Block. The Alat-Deniz field was discovered in 1983 and to date has produced approximately 12.5 million barrels of oil and 1 billion cubic meters of gas. SOCAR estimates recent production to be approximately 750 barrels of oil and 100,000 cubic meters of gas per day from 14 wells, and remaining recoverable reserves from the Alat-Deniz field of 15 million barrels of oil and 1 billion cubic meters of gas. The main producing horizon is at 3,700-4,500 meters depth.