Sky Takes Minority Stake in Komi Republic Field

Sky Petroleum, Inc. has acquired a minority stake in the development of an oilfield in the Komi Republic of the Russian Federation.

Sky acquired a 3.9% interest in Pechora Energy through its UK parent company, Concorde Oil & Gas Plc. Pechora Energy holds the production license for the Luzskoye field in the Komi Republic, where it is carrying out appraisal drilling on the field. Concurrently the modest existing production will be increased through the work-over of four existing wells. The reserves and final development plan in will be determined following the results of the current appraisal drilling program."

"We are pleased to announce this investment as it is our first transaction that diversifies our oil and gas interests," said Brent Kinney, chief executive officer of Sky Petroleum, Inc. "We look forward to announcing additional projects as well as updates on our current drilling operations at the Mubarek Field."

Sky Petroleum is an oil and gas exploration company whose primary focus is to seek opportunities where discoveries can be appraised rapidly, and developments can be advanced either by accessing existing infrastructure, or by applying the extensive experience of established joint-venture partners. In addition, the company also plans some higher risk, higher reward exploration prospects.

Company: Sky Petroleum more info
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Company: Concorde Oil & Gas Plc more info
 - Sky Takes Minority Stake in Komi Republic Field (Jun 04)