Government of Mongolia and Genie Energy Sign Strategic Oil Shale Development Agreement - WSJ.com: "NEWARK, N.J.--(BUSINESS WIRE)--April 19, 2013--
Genie Energy (NYSE: GNE, GNEPRA) said today that its subsidiary, Genie Oil Shale Mongolia, LLC (Genie Mongolia), and the Petroleum Authority of Mongolia (PAM) have entered into an exclusive oil shale development agreement to explore and evaluate the commercial potential of oil shale resources on a 34,470 km(2) area in Central Mongolia.
The five year agreement calls for Genie Mongolia to explore, identify and characterize the oil shale resource in the exclusive survey area and to conduct a pilot test using in-situ technology on appropriate oil shale deposits. Genie may seek to proceed to commercial development via a production sharing agreement in accordance with Mongolian law. To date, Genie Energy is the only recipient of an exclusive oil shale survey contract in Mongolia."
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