Genie Energy (NYSE:GNE) Eyes Mongolian Oil Shale: "Genie Energy’s (NYSE:GNE) subsidiary Genie Oil Shale Mongolia agreed to a five-year contract with the Petroleum Authority of Mongolia (PAM) in the exploration of oil shale reserves in Central Mongolia.
The company will begin the process by conducting a mass survey of the area in question, which measures 34,470 sq. km (13,308 sq. mi), followed by the use of in-situ technology—the process of heating oil shale rocks under the surface and pumping the resulting liquid above ground. The survey aims to find out how much commercial potential can be attained through Mongolian reserves."
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