AIPC Extends Kazakhstan Exploration License
American International Petroleum Corporation has received a two year extension for its License 953 from the Ministry of Energy and Mineral Resources of the Republic of Kazakhstan. AIPK owns two licenses in Kazakhstan; exploration License 953, in which it has a 70% working interest, and production License 1551, the Shagyrly-Shomyshty gas field, in which it has 100% interest.
Based upon data developed on License 953, further exploration efforts should be focused on the eastern portion of the block. Therefore, under this new contractual arrangement with the Kazakhstan government, AIPK will retain the eastern section of the block to concentrate on deep gas exploration activities, relinquishing certain western acreage. Further details regarding the agreement and the work program during the extension period is to be finalized with the government within the next few weeks. The eastern acreage of License 953 is in close proximity to License 1551. Consequently, any gas that may be discovered at License 953 could be developed incrementally utilizing the production and transportation infrastructure created by the development of the Shagyrly-Shomyshty gas field. The Company is continuing its efforts to obtain a gas contract for License 1551 and is actively seeking industry partners to participate in the development of this gas field.