In a press release Infinity Energy Resources explained that the approval process should take up to 90 days at the end of which the work on seismic mapping of the 560,000 hectare concession area in Nicaraguan waters will begin.

"According to our business plan, the mapping activities will be used to better evaluate areas previously identified, which could have the potential to produce up to 10 billion barrels of crude oil," reports the communication.

Source: Marketwire, Inc

More on this topic

Nicaragua: Five Petroleum Concessions in Uncontested Areas

September 2013

Four awards have been made so far in the Caribbean and in the Pacific, to Noble Energy, Infinity Energy and Industrias Oklahoma Nicaragua.

According to the Minister of Energy and Mines (MEM), Emilio Rappaccioli, "the company Noble Energy, which between 2013-2015 will invest between $180 million and $670 million is at the moment making progress in drilling the first well, but in Nicaraguan waters" reported Elnuevodiario.com.ni .

Infinity Acquires Nicaraguan Offshore Seismic Data

September 2009

Infinity Energy Resources, owner of oil and gas concession in Nicaraguan waters, acquired seismic data for them.

Infinity Energy Resources, Inc. , an independent oil and gas exploration and development company, today announced that it has entered into a licensing agreement with Fugro Data Services AG that will allow the Company to acquire 2-D seismic data covering its approximately 1.4 million-acre oil and gas concessions offshore Nicaragua.

Nicaragua Approves Oil Exploration Concession

March 2009

Infinity Energy Resources Company, Inc. received government approval to explore 1.4 million acres of the Caribbean Sea coast.

The CEO of Infinity Energy Resources, Stanton E. Ross, manifested in the company’s press release: "The final approval of contracts for exploration [of natural gas and oil] and development by the Ministry of Energy and Mines and the Government of Nicaragua will allow the company to proceed with exploration activities."

Oil exploration on Nicaraguan Caribbean coast

December 2008

The government will sign two concession contracts with Infinity Energy for oil and natural gas exploration and exploitation.

According to the article from "Proceso Digital," the Nicaraguan vice-minister of Energy and Mining, Lorena Lanzas, pointed out that "the granting of these concessions have already been approved by the Regional Governments of the Southern and Northern Caribbean coast of Nicaragua, in accordance with the law."