Transmeridian Resumes Production at south Alibek Field
Transmeridian has resumed production of oil from its South Alibek field in western Kazakhstan. The company has received all necessary consents and approvals for its amended gas utilization plan from the appropriate national and local authorities, and has received an extension of its permit for flaring associated gas until November 1, 2007, as well as an increase in the permitted allowance for 2007 from 7 million cubic meters to 20 million cubic meters. Produced oil is being processed through the company's recently commissioned permanent central production facility, including associated de-mercaptan unit. This will allow the company to utilize its own recently completed pipeline connection to the regional export system, and to maximize the export sales prices received for crude oil production from the field.
"Production has come back at about the same levels we were seeing prior to the curtailment," commented Lorrie T. Olivier, Chief Executive Officer. "We are making good progress toward implementation of our gas utilization plan, and look forward to making our first export shipments directly through our own pipeline connection."
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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