Eurasia Energy Limited
OTC Bulletin Board : EUEN

Eurasia Energy Limited

April 06, 2006 09:30 ET

Eurasia Energy Limited: Shareholders Elect Board of Directors for 2006/2007

ABERDEENSHIRE, SCOTLAND--(CCNMatthews - April 6, 2006) - Eurasia Energy Limited (the "Company") (OTCBB:EUEN) announces that the Company's shareholders have elected the Company's new board of directors who will serve until the Company's 2007 annual general meeting. Shareholders have re-elected Mr. Nicholas W. Baxter and Mr. Gerald R. Tuskey to the board of directors. Mr. Baxter has served as a director of the Company since March 31, 2005. Mr. Tuskey has served as a director of the Company since October 30, 2003. The Company is very pleased to announce the election of a third board member, Mr. Roger Thomas, CMG, of London, England, former British Ambassador to Azerbaijan.

Roger Thomas was born in Cardiff in 1945. He was educated in Wales and at The Leys School, Cambridge. In 1968, after four years study at the School of Oriental and African Studies (SOAS) of London University, he obtained an Honours Degree in Turkish.

Mr. Thomas joined the Foreign Office in 1968 and first spent three years in London dealing with international maritime law and continental shelf delimitation of all British territories overseas. In 1971, was posted to the Chancery (the political section) at the British Embassy in Cairo where he dealt with internal and economic affairs of Egypt (and the Yom Kippur War of October 1973). Between 1974 and 1978 he served at the British Mission to the EC in Brussels and was spokesman for environmental legislation (mainly concerning permissible levels of industrial discharges to air and water). There followed a three-year term in Turkey as HM Consul, a politically sensitive post after the Timothy Davy case and Midnight Express.

In 1982 Mr. Thomas was posted back to London where he served in the legal affairs division of European Communities Department with responsibility for parliamentary scrutiny of EC legislation. In 1986 he started an eight year period of living in Germany, first as Commercial Consul in Frankfurt and later as Consul-General in Stuttgart. This brought him many years of contact with the banking sector (Deutsche, Dresdner and Commerz Banks in particular) and with German industry (Bosch, Daimler, Porsche, etc).

In 1993 Mr. Thomas returned to the Foreign Office in London where he headed a team of analysts on Iraqi WMD. He was in charge of all British personnel taking part in UNSCOM weapons inspections in Iraq.

From August 1997 to October 2000, Mr. Thomas served as British Ambassador at Baku, Azerbaijan. The politics of the Caucasus, good government/human rights, and issues relating to oil and pipelines were the most pressing matters of the time. He was awarded the CMG (Companion of the order of St Michael and St George) in 2000. After leaving Baku, he was seconded to the Digital Business Division of BP for six months.

Mr. Thomas's final diplomatic post was as Consul-General in San Francisco where he was custodian of British commercial interests in California, Nevada, Oregon, Washington, Idaho, Montana and Alaska.

Mr. Thomas comes from Wales and is married with two children. He speaks German, French, Turkish and Azerbaijani.

The Company is fortunate to have someone with such a wealth of experience in the political and business sectors of the region join its board. As such Mr. Thomas will have special responsibilities to the board for governmental relations.

Shareholders also approved the re-appointment of the Company's auditors, Peterson Sullivan PLLC, of Seattle, Washington.

The Company also announces that it has adopted an initial stock option plan (the "2006 Option Plan") under which the Company is authorized to issue up to 2,000,000 common shares. The Company's directors have allocated 1,350,000 options, exercisable at $3.00 per share, to directors, officers and employees.

The Company is party to a memorandum of understanding ("MOU") with SOCAR which grants the Company the exclusive right to negotiate an ERDPSA for a 600 square kilometer oil and gas block in the Republic of Azerbaijan. The Block is located in the shallow coastal waters of the Azerbaijan sector of the Caspian Sea approximately 70 kilometers south of the Azerbaijan capital of Baku.

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. 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. Available data includes low density Soviet-era seismic over the entire Block and well data from the Alat-Deniz field and several other structures. In addition there is modern seismic and well data in onshore and offshore areas proximal to the Block that may be used for interpolation.

Notable offshore projects in Azerbaijan include the Azeri-Chirag-Guneshli field estimated to hold reserves in excess of 5 billion barrels of oil, and the Shah Deniz field estimated to contain more than 400 billion cubic metres of gas. Both fields are being developed by consortia headed by BP and include other major international companies including SOCAR, Exxon, Unocal, Devon Energy, Amerada Hess, TPAO, Statoil, Lukoil and Itochu. Oil and gas will be delivered to world markets by the Baku-Tbilisi-Ceyhan (BTC) export oil pipeline to the port of Ceyhan on Turkey's Mediterranean coast, and the South Caucasus Gas Pipeline (SCP) to Turkey. In total 17 projects are at various stages of development onshore and offshore Azerbaijan, involving 27 foreign companies from 13 countries.

BY ORDER OF THE BOARD

Nicholas W. Baxter, President, C.E.O. and Director

Forward-Looking Statements: This news release may include certain forward-looking statements including, but not limited to, projections of revenue, income or loss and capital expenditures, statements regarding future operations, financing needs, plans relating to products or services of the Company, assessments of materiality, predictions of future events and the effects of pending and possible litigation, as well as assumptions relating to the foregoing. In addition, when used in this discussion, the words "anticipates", "believes", "estimates", "expects", "intends", "plans", "should", and variations thereof and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors, including but not limited to the Company's ability to manage rapid growth as a result of internal expansion and strategic acquisitions, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, the regulatory environment, fluctuations in operating results and other risks.

"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission.


Contact Information

  • Eurasia Energy Limited
    Nicholas W. Baxter
    President, C.E.O. and Director
    +44 (0)7881 814431