Nelson buys stake in Kazakhstani oil fields

Dec 24, 2004 01:00 AM

Nelson Resources, a Canadian-based oil company that operates in Kazakhstan, is paying $ 46.8 mm (US) for major stakes in two oil fields in the former Soviet country.
The purchases from state-owned oil company KazMunaiGaz remain subject to government and regulatory approval, Nelson said.

Nelson will pay about $ 36 mm for a 40-per-cent interest in the Karakuduk field and $ 10.8 mm for a 50-% interest in the Arman oil field. Chaparral Resources -- in which Nelson itself holds a 60-% -- holds the other 60-% interest in the Karakduk field and exercised its right of first refusal to buy the remaining 40 % from KazMunaiGaz.
The 6,700-hectare Karakuduk field has total estimated proved plus probable reserves of approximately 63 mm barrels of oil and produced 8,290 bpd of oil, on average, in the third quarter of 2004.

"This strategic investment is an important addition to Nelson's growing portfolio of interests in producing oil and gas assets in Kazakhstan," Nelson CEO Nick Zana said.
Nelson Resources' holdings also include half of KazakhOil Aktobe, a joint venture with KazMunaiGaz, which is developing the Alibekmola and Kozhasai fields.

Source: The Globe and Mail
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