Island Oil & Gas signs MoU for assets in Moldova and Tatarstan

Nov 05, 2007 01:00 AM

Island Oil & Gas recently announced it has completed a Memorandum of Understanding for 50 % interest of Valiexchim’s upstream and downstream operations in the Republic of Moldova and the Republic of Tatarstan.
The EUR 10 mm agreement includes Valeni Oil Field, Victorovca Gas Field, Comrat Oil Refinery, five land drilling rigs and the option to acquire producing interests in the Republic of Tatarstan. The assets are located in Southern Moldova near the Romanian border.

Future plans include drilling up to 44 wells, obtaining 2D seismic data, building a 9-km pipeline and upgrading the Comrat Refinery.
"Valiexchimp have established themselves as the dominant oil and gas operator in Moldova," said Chief Executive Paul Griffiths. "Their growing reputation has been recognized through their ability to be considered for potential acquisitions in Tatarstan, a significant oil province.”

“Island, with its experienced commercial and technical teams, experience in gas production and marketing, combined with its proven track record as a highly competent operator, is a natural joint venture partner for Valiexchimp as it seeks to generate additional value for its growing portfolio of oil and gas assets.”
“Subject to securing investors that can separately fund this transaction, in order not to impact Island’s core strategy of delivering value from its Irish and Dutch exploration and near-development assets, Island can potentially benefit from immediate cash flow from the Moldovan operations."

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