International Petroleum: Quarterly Review
International Petroleum Limited, an oil and gas exploration company with assets in Russia and Kazakhstan, is pleased to present its quarterly
activities report for the quarter ended 31 March 2012.
HIGHLIGHTS
- US$13.034 million cash at bank at 31 March 2012.
- Completed the acquisition of 100% of the shares in Vamaro Investments Limited, which indirectly owns licences for geological study of subsoil, prospecting and extraction of oil and gas in the Khanty-Mansiysk Autonomous Region in Western Siberia, Russia.
- Completed the acquisition of 75% of the shares in Charlize Investments Limited, which owns 100% of the issued share capital of OOO VostokNefteGaz, which owns an exploration licence in the Tomsk region of Western Siberia, Russia.
- Completed a placement to institutions and sophisticated investors of 165,730,000 fully paid
- ordinary shares at an issue price of A$0.20 per share, raising A$33,146,000 before costs.
- Mr Pierre Godec was appointed as a Non-Executive Director on 17 February 2012.
- Mr Vladimir Mangazeev was appointed as a Non-Executive Director on 1 March 2012 and Mr Mark Gwynne resigned as a Non-Executive Director on 1 March 2012.
- At the Vamarov Project, in March 2012, the Company commenced the work-over and hydraulic fracturing of some of the existing wells and the construction of infrastructure.
- Conducted a stimulation programme using hydraulic fracturing in Well No. 1 and Well No. 2 at the Krasnoleninsky Project in Western Siberia.
For the full report please click here