CALGARY, Dec. 23 /CNW/ - Stealth Ventures Ltd. ("Stealth" and or the "Company") announced today that it has entered into an agreement with Clean Coal Ltd., an internationally based company whose technical team is based in the United Kingdom, for the development of an Underground Coal Gasification (UCG) project in Nova Scotia. Stealth currently holds 100 % of the Coalbed Methane rights of a 177,000 acre property in the Cumberland Basin which represents a gas resource play in Nova Scotia estimated by Sproule Associates Limited to contain net 1.183 TCF (Trillion Cubic Feet) of Discovered Coalbed Methane Resource. "There is no question that we feel there is tremendous potential for the Cumberland Basin and that it was a matter of applying the right technology to harness the resource. We believe that UCG technology has not only great applications for Nova Scotia but can play a bigger picture in Canada's energy supply strategy," said Stealth's Chief Executive Officer Derek Krivak. "And we understand that the Province of Nova Scotia is currently examining the viability of such an industry for the Province from economic as well as environmental standpoints."
This agreement marks the commencement of CCL's strategy to develop multiple UCG projects in Canada with Stealth and other partners. Underground Coal Gasification (UCG) is a proven method of converting deep seam coals into a combustible gas used for power generation or as a feedstock for the manufacture of hydrogen, chemicals, or transportation fuels. The gasification of coal in-situ is achieved by drilling boreholes into the coal and injecting either air or oxygen mixtures to achieve gasification in one step without the need to mine or extract coal. CCL will seek to combine UCG with carbon capture sequestration to produce a high quality, clean, affordable synthetic gas.
Graham Chapman, Chief Operating Officer of Clean Coal Ltd said: "Recent developments in directional drilling technology and the growing need for new, plentiful and low-impact sources of energy means that underground coal gasification can play an important role in regional economic development and energy independence. We believe this is an exciting and commercially viable development which can bring significant long-term benefit to Nova Scotia." UCG, as a method to harness the high btu content of one of the world's most abundant sources of energy while eliminating the costly, invasive and sometimes dangerous need to mine it first, is gaining acceptance with numerous projects under development in markets worldwide.
Clean Coal Ltd specializes in UCG and is developing projects in targeted global markets including North America and Europe. The United Kingdom Coal Authority has recently awarded five licences to Clean Coal Ltd. to develop offshore sites for UCG. Clean Coal Ltd. operations and technical team is experienced in UCG project design, planning, and implementation, including environmental planning. For more information on Clean Coal Ltd, please go to www.cleancoalucg.com.
Development of the UCG project in Nova Scotia will be subject to due diligence and various Government of Nova Scotia regulatory approvals. No further terms or conditions were announced.
Stealth Ventures Ltd. is a Calgary-based junior oil and gas company whose expertise and focus is on "unconventional" gas reserves from shale gas, CBM, and tight gas sand reservoirs.
STEALTH VENTURES LTD.
Per: DEREK KRIVAK
Chief Executive Officer
Forward Looking Statements:
This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.
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SOURCE STEALTH VENTURES LTD.
For further information: For further information: Derek Krivak, Chief Executive Officer, Stealth Ventures Ltd., Tel.: (403) 514-9998, Fax: (403) 514-9995, Email: firstname.lastname@example.org; For further information: Clean Coal Ltd (www.cleancoalucg.com), Catherine Bond, Chief Executive, Tel: 07788 872770, Email: email@example.com