MGM Energy Corp MGMCF

Kogas deal read it carefully

[shambano1]

KOGAS Decides to Buy 20% of Arctic Gas
Korea is looking to acquire a share of a North Pole gas field for the first time in history.
The Ministry of Knowledge Economy says the board of Korea Gas Corporation approved the purchase of a 20 percent stake in the Umiak Gas Field from Canada's MGM Energy on Thursday.
The project, worth some 30 million US dollars, plans to develop and produce liquid natural gas in Umiak, northern Canada, which has more than seven million tons of gas in its reserves.
And Korea is expected to secure roughly 1.5 million tons of natural gas in total which is about 5.6 percent of 2009's LNG imports.
The transaction is expected to close by next month and extraction will begin in 20-20.
Meanwhile, over in Africa Korea and Egypt agreed to cooperate in several areas including infrastructure, finance, nuclear power plants, fisheries and development.
Korea's Finance Minister Yoon Jeung-hyun met with his Egyptian counterpart, Boutros Ghali , in Cairo on Wednesday and discussed win-win deals for both countries such as holding a joint workshop to introduce Korea's nuclear reactor technology.
Egypt is one of the leading countries in the African economy with over five percent economic growth, about one percentage point higher than Africa's average.
Choi Won-young, Arirang News