Savoy Energy to create JV for oil exploration in Fiji

Savoy Energy has signed a Letter of Intent (LOI) with Masi Corp Holdings Limited to create a joint venture in Fiji. The companies will seek to formalize a joint venture/ partnership that would create a new combined entity designed to license properties in Fiji for Oil Exploration and drilling rights.
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," stated Art Bertagnolli, CEO of Savoy Energy Corporation.