Adair International Oil & Gas, Inc.  Resumes Its Exploration in Yemen [Archives:1999/27/Local News]

July 5 1999

Mr. Jalal Alghani, Vice Chairman of Adair International Oil and Gas, Inc. (OTC Bulletin Board: AIGI) announced today that the company is proceeding with the geological evaluation of the exploration concessions in the Balhaf Graben in Yemen. The renewed evaluation began when the company reached an agreement with a Wall Street Investment House to become involved in the exploration.
Mr. Alghani is originally from Yemen, and Adair has tremendous expertise in the area through his relationships, there and the geological studies Adair Oil completed prior to the Yemen Civil War.
“Yemen has a tremendous amount of potential and is largely unexplored, but Hunt and CanOxy have made substantial discoveries there, resulting in the production of approximately 200,000 barrels per day for each company. This production, and the renewed stability of Yemen, has Wall Street’s attention,” states Alghani.
Adair is also moving forward with the Sugar Refinery to be located in Aden, Republic of Yemen. The project is in conjunction with the Arkel Group, who is one of the foremost developers of such projects in the international arena.
The feasibility study on the 20 MW natural gas power plant with Wartisila as a partner is now complete, and Adair is working with a financial agency to complete the package. The feasibility shows an anticipated return of 26% for years 1 thru 10 and 35% return on investments after 10 years.
“ADAIR is very actively pursuing natural gas fired plants and could not be more pleased with the results, especially with the initial feasibility study now complete, and the agreement for the land being reached. Additional information will be forthcoming on this project in the near future,” stated John W. Adair, Chairman.
SOURCE: Adair International Oil & Gas, Inc.