TORTOLA, British Virgin Islands – EastCoast Energy Corporation (“EastCoast Energy” or “the Company”) announcesthe appointment of Graham Goffey to the newly created position of Exploration and Business Development Manager, with effect from 1st September 2006.
The appointment reflects the Company’s strategy of expanding its activities in Tanzania and elsewhere in Africa with a balanced portfolio of producing and exploration assets. The Company has an excellent production base with the gas reserves in the Songo Songo field in Tanzania and it is forecast that the majority of these reserves will be contracted within the next eighteen months. The Company is now intent on expanding its asset base and finding new reserves. EastCoast is currently preparing for the drilling of an exploration well on lands adjacent to the Songo Songo field and the drilling of a development well within the Songo Songo field. The Company is also evaluating a number of farm-in opportunities in Tanzania and elsewhere in Africa.
Mr Goffey will assume responsibility for managing the Tanzania exploration programme and ensuring that appropriate technical support is provided. He will also manage EastCoast’s overall exploration programmes, the creation of a broadened exploration portfolio and business development.
Mr Goffey has 20 years of broad exploration and management experience with Conoco, LASMO plc, where he held roles in the UK, Indonesia and Pakistan, and Paladin Resources plc, where he was most recently General Manager, International. In this position and formerly as Paladin’s UK and International Exploration Manager, he played a key role in Paladin’s growth prior to its acquisition by Talisman Energy Inc.
EastCoast Energy Corporation Limited is a TSXV listed company focused on the exploration and production of Tanzanian natural gas and the sale of “Additional Gas” to markets in East Africa. The Company trades on the TSXV under the trading symbols ECE.B and ECE. A. The company is headquartered in Tortola, British Virgin Islands and maintains its operations offices in Dar es Salaam, Tanzania.
Forward Looking Statements
This disclosure contains certain forward-looking estimates that involve substantial known and unknown risks and uncertainties, certain of which are beyond EastCoast’s control, including the impact of general economic conditions in the areas in which EastCoast operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil and gas operations, therefore EastCoast’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking estimates and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking estimates will transpire or occur, or if any of them do so, what benefits, including the amounts of proceeds, that EastCoast will derive therefrom.
For further information please contact:
Peter R. Clutterbuck, CEO
+44 (0) 7768 120727
Nigel A Friend, CFO
+255 (0)22 2138737