Well-known Dublin solicitor Stephen Miley is among a number of investors in a new exploration company, Blackstairs Energy, that has just signed a production sharing agreement with the government of Armenia.
Headed by Gerry Sheehan, the former international exploration manager and new ventures manager for Tullow Oil, Blackstairs Energy has raised almost €700,000 and is in the process of finalising a partner to work with it on the Armenian blocks, which extend over almost 14,000sq km.
The company intends to focus its oil and gas exploration work on Europe, the Caucasia region and Africa.
It is currently evaluating additional prospects in Bulgaria and Romania.
Another former Tullow Oil executive, Robert Hamilton, who was employed as its group financial controller until 2000, is taking up a position as Blackstairs' finance director. Mr Sheehan and Mr Hamilton have jointly invested approximately €340,000 in the new venture.
Mr Miley at one stage acted on behalf of property development firm Jackson Way during the Flood tribunal, which was established to investigate alleged planning corruption and other matters.
Mr Miley has invested almost €25,000 in the new oil and gas company.
Other investors in Blackstairs Energy include Michael Combes, a UK-based oil and gas specialist, and Chile-based businessman Ian Raleigh.
Mr Sheehan said he hopes that a comprehensive programme of geological and seismic studies will begin on Blackstairs Energy's blocks in Armenia within the next few months.
