Karpinsky Oil and Gas Company Announces License Sale

June 6, 2013

Karpinsky Oil and Gas Company AS (KOGC) has sold two exploration and production licenses in Southern Russia, the company reported in a news release.
 
The licenses lie in the hydrocarbon bearing Karpinsky Ridge Oil and Gas trend in the Rostov District and cover an area of 4958km².
 
Early 2D seismic indicates a number of strong drilling prospects within the license blocks, meaning there are opportunities for expanding the number of prospects in future.
 
Tom Haugen, the Chairman of KOGC said: “We are extremely excited about this opportunity and are looking forward to working with new partners to develop this area. It is hoped that by working together many more opportunities will become available.”
 
KOGC, the majority shareholder in CJSC Rostneftegaz Geo (RNGG) which holds 100% of both licenses, is selling a minimum of 10 per cent stake.
 
KOGC plans to use the equity to finance its ongoing exploration and drilling programme, including the completion of wells in both the Gashunsky and North Donskoy license block.
 
AGR will assist as technical and financial advisor throughout the sale.

Source: Karpinsky Oil and Gas Company, 2013.