ZAAB ENERGY AG
ZAAB Energy AG confirms additional oil and gas reserves at South-Yermolinskiy
ZAAB ENERGY AG / Miscellaneous Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Munich, 22 October 2007. Since May this year ZAAB Invest has been drilling its first exploration well at the South-Yermolinskiy license area. ZAAB Invest now finalised the drilling at a depth of 3,064 meters. At a depth of approximately 2,810-2,880 meters ZAAB Invest was able to identify additional oil and gas reserves by open hole testing. During testing period mud with a rich oil film was received and the bed activity was estimated at approximately 400 cubic meters per day. Well logs will now be taken to provide a more comprehensive understanding of the reservoir. It is also planned to make additional open hole testing at a depth below 2,880 meters. Professor Gennadiy Shilov, ZAAB Invest’s Chief Geologist, remarked on the current status of the exploration works: 'So far the drilling results are exceeding our expectations. It is of particular significance that the hydrocarbons could be confirmed by drilling where we had expected them on the basis of the seismic data. Additional geological work has to be conducted on the well. However, we are currently expecting that the well can soon be brought into production.' As already reported ZAAB Invest was able to confirm previously the presence of hydrocarbon resources by well logs in three different layers in the South-Yermolinskiy license area. Gas was identified in approximately 875 to 900 meters as well as in 2,193 to 2,201 meters and oil was identified at a depth of approximately 2,620 meters. The gas deposit at a depth of approximately 900 meters is currently estimated by ZAAB Invest on the basis of seismic data and mud logs to have a total recoverable gas amount of approximately 3.8 million barrels of oil equivalent. The gas reservoir at a depth of approximately 2,200 meters was tested to have an estimated total recoverable amount of gas of approximately 3 million barrels of oil equivalent and a daily production rate of more than 200 cubic meters. For the forth confirmed horizon at a depth of 2,900 meters it is too early to announce potential reserve amounts. The drilling did not yet show any water-oil contact which would allow the geological team to define the end of the confirmed hydrocarbon horizon. ZAAB Energy AG is a Munich based independent oil and gas exploration and pre-production company which expects to start up its oil production in the near future. ZAAB Energy’s Russian subsidiary ZAAB Invest holds a license portfolio to five areas located in the Russian Federation between Black and Caspian Sea with significant oil and gas resources. Board of directors Forward looking statements This news release is based on partly forward looking statements i.a. on planned drillings and expansion drillings, as well as associated costs and estimates of oil and gas production, cash flows and other factors. All statements such as planned, estimated, expected, potential etc. are of a forward looking nature. Although ZAAB Energy AG is of the opinion that the forward looking statements are plausible, they comprise risks and uncertainties in a way that the occurrence of the assumed results may not be warranted. Important factors that may lead to deviations between the actual results and the forward looking statements are e.g. issues of a technical or mechanical nature or geological issues, which may lead to the result that a commercial recovery of the reserves or resources is not possible. In addition, prices may have an important impact on profitability. No offer to sell shares This document represents neither an offer to sell shares of ZAAB Energy AG ('the Company') nor an invitation to make an offer to purchase shares of the Company. This document and the information contained therein may not be brought into or transmitted to the United States of America or distributed or transmitted to American persons (including legal entities as defined in Regulation S of the United States Securities Act of 1933, as amended - the 'Securities Act') or to publications with a general circulation in the United States of America. Each violation of such limitations may constitute a violation of applicable securities laws. The shares of the Company have not been, and will not be, registered under the Securities Act, or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered or sold within the United States or to, or for the account or benefit of any US person (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There shall be no sale of shares in the Company in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to qualification under securities laws of such state or jurisdiction. Contact: Jan-Hendrik Röver, Member of the Board, tel.: +49 89 242 246 910 22.10.2007 Financial News transmitted by DGAP ----------------------------------------------------------------------
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