PetroAsian Energy Eyes Kazakhstan-Based O&G Firm

Hong Kong-listed PetroAsian Energy disclosed late Wednesday that it has entered into a non-legally binding memorandum of understanding (MOU) with a Kazakhstan-based oil and natural gas exploration and production company.

The term of the MOU starts Jan. 30, 2013 and terminates July 1, 2013.

"The purpose of the MOU is to establish a collaborative working relationship and timeline between PetroAsian Energy and the target company for the purpose of agreeing to the final terms of a possible acquisition," PetroAsian Energy said in the disclosure.

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