| TOO Erkin Oil signs an annex to the Contract for hydrocarbon exploration |
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| Own release | |
| 27.11.2008 | |
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The Management Board of PETROLINVEST S.A. headquartered in Gdynia (the “Company”) announces that it has been informed that TOO Erkin Oil has signed Annex no. 2 (the “Annex”) to the contract for hydrocarbon exploration in the Zharkhyentska depression, Almaty oblast, Kazakh Republic (the “Contract”) with the Ministry of Energy and Mineral Resources of the Republic of Kazakhstan. The Annex extends the area covered by the Contract by 741.64 sq. km. and prolongs the prospecting period of the Contract by two years to 20 September 2010. TOO Erkin Oil has been obliged to spend USD 7,079 thousand in capital expenditure on geological and prospecting work within the extended period of the Contract. According to information provided by TOO Erkin Oil, the results of interpretations of seismic data indicate that the area by which the Contract area was extended is highly prospective. |