ZAAB ENERGY AG
ZAAB Energy AG completes seismic acquisition in Marinskiy block
ZAAB ENERGY AG / Miscellaneous/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, 17 April 2008. During February and March this year, ZAAB Invest completed a seismic acquisition programme in its Marinskiy license. A total of 50.16 kilometers of two dimensional ('2-D') seismic were acquired in 9 lines. The Marinskiy license located in the Northeastern Caucasus region is now a focus for ZAAB Invest’s activities in the Russian Federation as oil reserves have already been discovered by previous drilling activities. The acquisition of new seismic became necessary, as it provides an even better resolution level than earlier seismic works which is required to place optimally the next well. High pressures at reservoir level (approximately 3,800 meters) pose a technical challenge to the drilling operations as the Marinskiy well No. 5, the last well drilled, was lost after testing oil at high flow levels of 500 tons/day. During the seismic acquisition explosives and vibroseis were used. The acquisition stayed within the budgeted amount. Currently, the data is processed by an independent geophysical research institute in Stavropol which is expected to take several weeks. Following the processing of seismic data ZAAB Invest will apply for a permission to drill (a so-called 'passport for drilling'). It is expected that drilling works can be taken up by the end of 2008 and completed in the first quarter of 2009. 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 17.04.2008 Financial News transmitted by DGAP ----------------------------------------------------------------------
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found