"While this merger is anticipated to provide the company with better efficiencies and lower annual costs, our clients will not see any impact on the quality of services that they receive," said James E. Knight, CIOC President and CEO. "The merger is not affecting Dank's or CGE's operations, services or personnel. Our clients can expect to continue receiving the highest levels of seismic services, expertise and dedication from the Dank and CGE teams."
CIOC also announced that Dank is nearing completion of a 3-D seismic survey for a client in Kazakhstan's Atyrau region in the southeast section of the Caspian lowlands. The contract is valued at approximately $2.1 million. Under the contract, Dank has been conducting a 385 square-kilometer seismic survey over a 1,163 square-kilometer licensed block.
The contract was awarded to Dank by Kokmay Ltd., a member of the holding company that owns the license to explore and develop hydrocarbons in the Mangystau and Atyrau regions. Dank was among six companies from Kazakhstan, China and Russia that bid on the seismic contract.
"We are very excited about the progress of the 3-D seismic survey that Dank is conducting for our client Kokmay. We expect to complete the survey in March," said Knight. "Our Dank team has significant experience in performing extensive seismic surveys for our clients across Kazakhstan's hydrocarbon regions, and we are looking forward to securing additional business as the oil industry in Kazakhstan continues to grow."
CIOC also reported that Dank was among the honorees for the "Leaders of National Economics Top 100" for 2006 in Moscow. The award winners are selected by the International Business Council, Global Resources Management Association (Switzerland), Russia's Ministry of Economic Development, the Russian Trade Federation and others. Dank President M. Kurmanbayev said, "We were very honored by this award, which recognizes our achievements in the international market of geophysical services and demonstrates the high standards which our company has achieved."
Headquartered in Houston, CIOC acquired its current operations in August 2006 with the merger of several Kazakhstan companies, principally Dank and Kor-Tazh. Dank, PGD Services (a subsidiary of Dank) and CGE provide oil field services including 2-D and 3-D seismic acquisitions, data processing and interpretation, reservoir modeling and topography to the petroleum industry in Kazakhstan, while Kor-Tazh operates an oil field in Western Kazakhstan.
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