Transmeridian Gets Two Year Extension on South Alibek Field
Transmeridian Exploration has received a two-year extension of its exploration contract for the South Alibek Field in Kazakhstan. The contract, which would have expired in April 2007, has now been extended to April 29, 2009. As a result of the extension, the Company will have two additional years to conduct exploration activities within its 14,000 acre South Alibek license area and increase the 3,500 acres currently approved as the commercial area for the South Alibek Field. The minimum work program under the extension is approximately $28 million, which includes the drilling of four additional wells.
"This extension is an important step in our continuing exploration and development of the South Alibek Field," commented Lorrie T. Olivier, President and Chief Executive Officer. "We now have until April 29, 2009 to add reserves to the approved commercial area, which could significantly increase the overall net present value of the Field to the Company. The program to drill exploratory wells will be integrated with the previously announced expansion of our development drilling program, which is currently utilizing five drilling rigs."
Transmeridian Exploration Incorporated is an independent energy company established to acquire and develop oil reserves in the Caspian Sea region of the former Soviet Union. The company primarily targets fields with proved or probable reserves and significant upside reserve potential. Transmeridian Exploration currently has projects in Kazakhstan and southern Russia and is pursuing additional projects in the Caspian Sea region.
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