KAMPAC International plc
KAMPAC INTERNATIONAL PLC SIGNS MOU FOR OIL BLOCKS AND REFINERY
KAMPAC International plc / Miscellaneous 04.08.2010 12:15 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- KAMPAC INTERNATIONAL PLC SIGNS MOU FOR OIL BLOCKS AND REFINERY London, August 3, 2010 - Kampac International Plc ('Kampac', WKN: A0YEKV) has signed MOU's with KZACI J.S.C ('KZACI') and ALEM Transoil Liomited ('ALEM') to acquire a 49% stake in a refinery and eight oil blocks in Kazakstan. 'The acquisition of these Exploration and Production assets are in line with Kampac's long-term growth strategy of strengthening the asset base and growing the international reach of the company,' says Eddie Law, Kampac's CFO. The oil blocks held by ALEM have 1P reserves of 14 million barrels and 2P reserves of 30 million barrels. The 1P reserves are approximately valued $350 million. The 49% stake would be acquired thru a $20 million exploratory investment. Beisen Zharkimbekov President of ALEM says, 'We believe that the cooperation will strengthen our business philosophy and we believe in the Kampac partnership.' The refinery held by KZACI has a refining capacity of 10,000 metric tons per month (2,400 barrels per day). Kampac will acquire a 49% stake in the refinery thru a $100 million upgrade investment. After the upgrade, which will increase the refineries capacity to 100,000 metric tons per month, the investment return is an estimated $103 million - Kampac's net share being approximately $50 million. The transaction is pending full due diligence. DISCLAIMER This press release contains forward-looking statements based on beliefs of Kampac's management. When used in this press release, words such as 'anticipate', 'believe', 'estimate', 'expect', 'intend', 'plan' and 'project' are intended to identify forward-looking statements. Such statements reflect the views of Kampac as of the date made with respect to future events and are subject to risks and uncertainties. Many factors could cause actual results to be materially different from those projected here, including, among others, changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products, lack of acceptance of new products or services and changes in business strategy. Kampac disclaims any intention or obligation to update these forward-looking statements. ABOUT KAMPAC INTERNATIONAL PLC Kampac International Plc is a holding company incorporated in United Kingdom under company number 06715725,with registered office in London, and operating subsidiary Kampac Oil ME FZCO ('Kampac Oil'), located in Dubai, UAE. Kampac Oil was founded more than 9 years ago and specializes in the oil trading, construction, and maintenance of pipelines, roads, bridges, and petroleum storage sites. The company pursues an international growth strategy, aiming to continue developing new markets in South America, Asia and Africa. Press contact: Eddie Law at 1-905-477-9595 ext 2288 Email: eddie@kampacgroup.com www.kampacgroup.com 04.08.2010 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de ---------------------------------------------------------------------------
Aktuelle News
Aktuelle Berichte
Keine Berichte gefunden
Anstehende Events
Keine Events gefunden
Webcasts
Keine Webcasts gefunden