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Zhaikmunai Completes Acquisition of Three Fields

Source: www.gulfoilandgas.com 3/5/2013, Location: Asia

Zhaikmunai LP, the oil and gas exploration and production enterprise with assets in north-western Kazakhstan, confirms that it has acquired legal ownership of the subsoil rights related to three oil and gas fields (Rostoshinskoye, Darinskoye and Yuzhno-Gremyachenskoye) in Kazakhstan following the signing of the respective supplementary agreements related thereto by the Ministry of Oil and Gas (MOG) of the Republic of Kazakhstan effective 1st March 2013.

As previously announced, on 17 August 2012 Zhaikmunai LLP signed Asset Purchase Agreements to acquire 100% of the subsoil use rights related to three oil and gas fields (Rostoshinskoye, Darinskoye and Yuzhno-Gremyachenskoye) located in the pre-Caspian basin to the north-west of Uralsk, approximately 60 - 120 kilometres respectively from the Chinarevskoye field, its current main producing asset, for US$ 16 million;
In Q4 2012 the Antimonopoly Agency as well as the MOG of the Republic of Kazakhstan provided their consent for the acquisition of all three fields;
The signing of the supplementary agreements by the MOG effective 1st March 2013 officially transfers ownership of the three fields to Zhaikmunai;
Reserves reports for 2007 and 2008 prepared by Chapman, Independent Petroleum Consultants, account for the following reserves estimates for the three fields taken together:
1P: 28 mmboe;
2P: 131 mmboe;
3P: 187 mmboe.
These estimates convey an initial order of magnitude of the reserves potential of the Rostoshinskoye, Darinskoye and Yuzhno-Gremyachenskoye fields and Zhaikmunai believes the upside potential to be very promising.

For more information about related Opportunities and Key Players visit Caspian Region Projects

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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