End to 3rd Quarter comes Sept 30th Statement
Ivanhoe Energy confirms its intention to fully participate
in new services contract for development of Block 20 project in Ecuador
Calgary, Canada
—
(August 2
7
, 2014)
Ivanhoe Energy Inc. (TSX: IE; NASDAQ: IVAN) today
provi
ded
clarification regarding
certain statements contained in a
news articl
e
published by El Comercio in
Ecuador
earlier this week
, and subsequently by the Wall Street Journal,
regarding Ivanhoe’s Specific
Services Contract on Block 20,
which contains
t
he
Pungarayacu oil field.
As
the company has
previous
ly
stated, Ivanhoe Energy fully intends to be part of a consortium that will
develop Block 20
.
Additional
ly
, Ivanhoe and the
Ecuadorian
Government
have
agreed to
a
process to
mutually terminate
the Specific Services Contract under which Ivanhoe has been operating since 2008
as a step towards
entering into
a new Service Contract with a consortium
consisting of
Ivanhoe and
one of the world’s
largest national oil companies (NOC)
,
which
has experience working in Ecuador.
The NOC
recently advised Ivanhoe that some of its international projects, including the Block 20
project, are currently under review. Ivanhoe
is waiting for
the NOC
to complete its review before moving
forward to
finalize the joint
-
venture agreement. Ivanhoe
anticipates that this
review
will
continue
until