On October 16, 2008 Calvalley signed a PSC (46,470 km²) with the Ethiopian Government to undertake exploration on the two blocks (Metema and Gimbi) that constitute the PSC. The two blocks lie adjacent to the Sudan border, offsetting the Melut/Muglad and Blue Nile Basins, both of which are proven oil basins. Efforts on this project during 2008 were focused on data gathering and the setting up of an office in Addis Ababa from which early stage exploration activity will be coordinated. Calvalley's recent exploration activities in Ethiopia have focused on surface geological mapping and gathering scoping parameters for an airborne gravity-magnetic survey.

Click to enlarge

Figure 8