Aurado Receives Extension of Exploration Phase for Liman Blk

Liman Block, Caspian Sea
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Aurado reports that the energy regulatory authorities in Kazakhstan have approved the extension of the exploration phase of the Liman Block license for an additional two-year period from February 2005 to February 2007.

The extension of the license is subject to the satisfaction of certain capital expenditure requirements in respect of the block, and the exploration phase of the license may be extended for additional two year terms upon application by Aurado and approval by the Kazakh energy regulatory authorities.

The Company is confident in the oil-bearing potential of the 6,500 square kilometer Liman Block, which is located in an oil-rich area In addition to major pipelines and related infrastructure, the block encompasses road, rail and power facilities as well as a nearby airport and refinery.

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