AGR Petroleum Services Advises on License Sale for Karpinsky Oil and Gas Company AS
AGR Petroleum Services has been commissioned by Karpinsky Oil and Gas Company AS (KOGC) to act as technical and financial advisor in the sale of two large exploration and production licenses in the Rostov District (pictured) in Southern Russia.
KOGC, the majority shareholder in CJSC Rostneftegaz Geo (RNGG) which holds 100% of both licenses, is selling a minimum of 10 per cent stake.
KOGC plans to use the equity to finance its ongoing exploration and drilling programme, including the completion of wells in both the Gashunsky and North Donskoy license block.
The licenses, which lie in the hydrocarbon bearing Karpinsky Ridge Oil and Gas trend, cover an area of 4958km² and extend from Kazakhstan to eastern Ukraine.
Erik Lorange, Exploration Manager at AGR, said: “This is a unique opportunity for companies looking to invest in this sought after territory. Early 2D seismic indicates a number of strong drilling prospects within the license blocks, meaning there are opportunities for expanding the number of prospects.
“Further seismic data will be gathered from Autumn 2013 which will coincide with the time window for inviting and finalizing the farm-in offer to any new partner.
“KOGC is in a strong financial position having financed all activity to date through equity or loans to RNGG.”
