Nabi Oil & Gas slams SN for ‘inaccurate’ report

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oil exploraton[www.inewsguyana.com] – The management of Nabi Oil and Gas Inc has come out in full force in debunking an article published by the Stabroek News on March 15 under the headline, “Nabi Oil and Gas halts onshore exploration in Mahaica/Mahaicony”.

According to a statement from the Company’s Director, Rafael Nabi, the report carried by the Stabroek News is “highly inaccurate and misleading.”

According to the Director, “The reality is that Nabi Oil and Gas has completed a series of soil and boundary tests using hydrocarbon imaging. The results of those tests are in the process of being compiled, analyzed and interpreted by specialists abroad.”

He explained that this process is being supervised by the Managing Director of the company, Mr. Anthony Syms in Trinidad and Tobago.

In this regard, Nabi noted that there will be periods of non- activity at all three of the local sites, as Ffurther tests will be conducted using seismic surveying, which involves the use of reflected sound waves to produce a “CAT scan” of the earth’s subsurface and is regarded as a more detailed technique.

“While preliminary studies have shown promising signs, as a business venture, it is vital for the company to be thorough in its research and analysis to determine whether the long term commitment and investment in the project will be profitable and cost effective. The company has now invested over $140M in this venture.”

Nabi noted that this information was not carried in the report by the Stabroek News.

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