QUEST FOR OIL TO BEGIN IN BOSNIA

SARAJEVO, Bosnia (July 29,2008) - In about ten days a call will be announced for tenders for the selection of a strategic partner to Bosnia's main energy company Energoinvest. The two will form a joint venture for oil exploration in Bosnia.

This has been confirmed today by Energoinvest’s Deputy CEO Ibrahim Bosto, who announced that the new company would pick up where American Amocom left off in the 1990's.

Expressions of interest will be invited first, and the kind of company Energoinvest will be looking for is a company specializing in the area, and capable of providing both technological and financial backing.

There are four places around the country which have been identified as of potential interest.

Energoinvest, carried out a research which proved the existence of oil pools in the northern Bosnian region of Posavina, as well as in several locations in the southern Bosnian region of Herzegovina.

Energoinvest has the original report which indicates that Bosnia may have oil resources as big as Saudi Arabia or Iraq.

"The only solution at the moment is to find a strategic partner, who is ready to invest in this works, to co-operate with us and to reap the rewards of what may be there," Bosto said earlier this year.

According to several Bosnian experts, British Petroleum (BP) and the US Oil Company AMOCO, now also part of BP, were interested in oil resources in Bosnia before the 1992-1995 Serbian,Montenegrin and Croatian aggressions against Bosnia.
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