Nicaraguan authorities confirmed the discovery of new oil and natural gas reserves off the Caribbean coast of Nicaragua on Thursday. Two US companies, Infinity Inc and MKJ Exploraciones Internacionales, are to gain the rights to develop the reserves after investing 100 million dollars to explore and evaluate the region over the last six years, Donald Espinoza, director of the Nicaraguan energy institute, told reporters in Managua. "The companies and authorities are ready. We are just waiting for the approval of the president (Enrique Bolanos) to sign the contract and move on with the exploration," Espinoza said. Espinoza gave no indication of the quantity of oil and natural gas reserves discovered. -- SP 21 31 Local Time 18 31 GMT
