Turan Petroleum to acquire Turan EnerPetroleum

Apr 18, 2005 02:00 AM

Turan Petroleum, an independent energy exploration and development company, reported that it has entered into a definitive agreement to acquire Turan EnerPetroleum, a Kazakhstan limited liability company that owns a license to explore for oil and gas in the Republic of Kazakhstan.
Turan Petroleum will acquire 100 % of Turan EnerPetroleum, which holds a license from the government of Kazakhstan to explore for hydrocarbons in the ARIS region. Upon closing, which is scheduled for April 30, 2005, Turan EnerPetroleum will become a wholly-owned subsidiary of the company.

The company plans to prospect and produce in the ARIS region under a concession license granted by the Ministry of Power and Minerals of the Republic of Kazakhstan. Turan EnerPetroleum's concession license was granted for an extendable 25-year term (beginning in 2001).
Following closing, the company’s ARIS territories concession license will cover approximately 22,000 sq km in the South Kazakhstan Kizilordinskoy regions.

Initial geological studies have been completed by third parties, and show the potential of locating substantial amounts of recoverable oil and gas products inside the company's concession license territories. The studies have located over 50 geological formations that are typically oil or gas bearing. Northeast of the ARIS concession, gas has been discovered in an area known as Amangeldy.
The ARIS concession contains similar geological formations to those found to produce hydrocarbons in the Amangeldy fields. Southeast of the concession site (approximately 120 km), oil is being extracted near the city of Tashkent.

Northwest of the ARIS site, large oil deposits have been discovered in fields known as Kymkol and Zhanzhol. The main hydrocarbon deposits in the ARIS site are expected to be associated with salt deposits.
Scores of these deposits have been identified within the ARIS site. The same Pre-Caspian cavity that is producing gas in Karachaganak and oil in the Tengiz region are connected to theARIS site. Salt structures at similar depths as those producing in Tengiz and Karachaganak are also believed to exist within the ARIS site, based on the information contained in the initial geological reports. The Tengiz field contains one of the largest proven oil deposits in the world.

The company intends to undertake further geological testing, conduct exploratory drilling, and extract hydrocarbons from the ARIS site. Following extraction, the company plans to efficiently deliver its oil and gas production to both local and world markets. The South Kazakhstan region, which includes the Turan EnerPetroleum's ARIS concession, contains a population of about 2 mm people. Currently, natural gas is delivered to the region from Uzbekistan, with the local supply being subject to shortages.
The infrastructure to deliver natural gas locally is in place and a demand for locally produced gas exists. The regions where Turan EnerPetroleum's concession license is located already have infrastructure in place, including asphalt roads, railway stations, with refineries located a relatively short distance from the ARIS site.

As recently as the 1990's Kazakhstan was not well known. However, since then, the Republic of Kazakhstan has proven to be a significant player in the world oil market. During 2003, Kazakhstan's oil exports were valued at more than $ 7 bn. Since 1993 US companies have invested over $ 6 bn in Kazakhstan. The US Department of State estimates that Kazakhstan will be one of the top 10 oil producing nations in the world by 2015.
Robert VanDuren, Turan's President states, "We are thrilled to complete these contract negotiations, and look forward to being a significant contributor to the overall hydrocarbon production levels in Kazakhstan."

Turan Petroleum, a Nevada corporation, is an oil and gas exploration and development company based in Nevada and California. The development stage company is pursuing opportunities in new energy markets, focusing on the acquisition and development of oil andgas properties in Eurasia, and other resource rich regions of the former Soviet Union.
The company anticipates the need for additional capital during the next 12 months.

Source: AsiaPulse
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