Methanex to Participate in the Tranquilo Gas Exploration Block in Southern Chile
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Mar 9, 2010) – Methanex Corporation (TSX:MX)(NASDAQ:MEOH)(SANTIAGO:Methanex) voiced currently the appearance in the Tranquilo Exploration Block, located in southern Chile. Methanex’s appearance is partial of a brand brand brand brand new tenure make up which involves both the Tranquilo and the Otway blocks. Previously, Methanex voiced it had acquired a 16% tenure in a consortium to rise the Otway Block only. In the brand brand brand brand new tenure make up for both scrutiny blocks, Pluspetrol Chile S.A. (Pluspetrol), Wintershall Chile Limitada (Wintershall), and GeoPark Magallanes Limitada (GeoPark), any have 25% participation, and International Finance Corporation, partial of of the World Bank Group (IFC) and Methanex Chile S.A. (Methanex), any have 12.5% participation. The design of the restructuring was to emanate a stronger consortium with identical long-term objectives in the region. GeoPark will be the user of both blocks. The agreement is theme to capitulation of the Ministry of Energy in Chile.
Tranquilo and Otway paint large, tasteful hydrocarbon scrutiny blocks totalling over 12,000 retard kilometres. The consortium has authorized the 2010 budgets for the dual blocks, which sum US$37 million and embody 2D seismic surveys of 553 kilometres, 3D seismic surveys of 362 retard kilometres and the training of 3 wells on the Tranquilo block.
Bruce Aitken, President and CEO of Methanex commented, “Participating in the Tranquilo Block represents an one more event to enlarge gas supply to the plants in Chile. We have been really gratified to be partial of this brand brand brand brand new consortium of high-quality companies which move both technical and monetary strength to scrutiny wake up in Southern Chile where the plants have been located.”
Paul Schiodtz, Methanex’s Senior Vice President, Latin America added, “The softened make up for the Tranquilo and Otway blocks provides a some-more in effect and aligned proceed to their operation, so we cruise the appearance in this brand brand brand brand new consortium as a certain one more step to the vital design of accelerating and compelling healthy gas growth in southern Chile.”
Methanex Chile additionally participates in the Dorado Riquelme retard in organisation with ENAP (the Chilean state- owned oil and gas company) with 50 percent appearance and has supposing financing to GeoPark for the Fell Block to accelerate healthy gas growth in southern Chile.
Methanex is a Vancouver-based, publicly traded association and is the world’s largest retailer of methanol to vital general markets. Methanex shares have been listed for trade on the Toronto Stock Exchange in Canada underneath the trade pitch “MX”; on the NASDAQ Global Market in the United States underneath the trade pitch “MEOH”; and on the Foreign Securities Market of the Santiago Stock Exchange in Chile underneath the trade pitch “Methanex”. Methanex can be visited online at www.methanex.com.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This request contains forward-looking statements with apply oneself to us and the containing alkali industry. Statements which embody the difference “believes”, “expects”, “may”, “will”, “should”, “seeks”, “intends”, “plans”, “estimates”, “anticipates”, or the disastrous chronicle of those difference or alternative allied vernacular and identical statements of a destiny or forward-looking inlet brand forward-looking statements.
More quite and but limitation, any statements per the following have been forward-looking statements:
- approaching formula of healthy gas scrutiny in southern Chile,and timing of same,
- approaching expenditures by us associated to healthy gas scrutiny and growth in southern Chile,
- collateral committed by third parties towards healthy gas scrutiny in southern Chile,
- taking of capitulation from the Ministry of Energy in Chile for the restructuring of the Otway and Tranquilo scrutiny blocks, and
- approaching levels of healthy gas supply to the plants in Chile.
We hold which we have a in accord with basement for creation such forward-looking statements. The forward-looking statements in this request have been formed on the experience, the notice of trends, stream conditions and approaching destiny developments as good as alternative factors. Certain element factors or assumptions were practical in sketch the conclusions or creation the forecasts or projections which have been enclosed in these forward-looking statements, including, but limitation, destiny expectations and assumptions connected with the following:
- success of healthy gas scrutiny in southern Chile heading to increasing healthy gas supply accessible for the plants in Chile,
- accessibility of destiny healthy gas supply on commercially excusable conditions in Chile,
- taking of capitulation from the Ministry of Energy in Chile for the restructuring of the Otway and Tranquilo scrutiny blocks,
- deficiency of a element disastrous stroke from vital healthy disasters or tellurian pandemics,
- deficiency of a element disastrous stroke from changes in laws, regulations or standards,
- opening of contractual obligations by healthy gas suppliers and alternative third parties.
However, forward-looking statements, by their nature, engage risks and uncertainties which could means tangible formula to talk about materially from those contemplated by the forward-looking statements. The risks and uncertainties essentially embody those in attendance with producing and selling methanol and successfully carrying out vital collateral output projects in assorted jurisdictions, together with but limitation:
- the success of healthy gas scrutiny and growth activities in southern Chile,
- accessibility of destiny healthy gas supply on commercially excusable conditions in Chile,
- actions of healthy gas suppliers,
- the disaster of the Ministry of Energy in Chile to authorize the restructuring of the Otway and Tranquilo blocks,
- changes in laws or regulations,
- actions of governments and bureaucratic authorities, together with import or trade restrictions, increases in duties, taxes or supervision royalties and alternative actions which might adversely start healthy gas scrutiny in southern Chile or the capability to acquire healthy gas in Chile on commercially excusable terms,
- worldwide mercantile conditions and conditions in the tellurian monetary markets, and
- alternative risks described in the 2009 MD&A.
Having in thoughts these and alternative factors, investors and alternative readers have been cautioned not to place unjustified faith on forward-looking statements. They have been not a surrogate for the practice of one’s own due industry and judgment. The outcomes approaching in forward-looking statements might not start and we do not commence to refurbish forward-looking statements solely as compulsory by germane bonds laws.
