ZAAB ENERGY AG
ZAAB ENERGY AG: ZAAB Energy AG starts oil drilling works
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, 15 May 2007. 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. In April 2007 the company successfully secured the financing of its current work programme and now expects to have sufficient financing for coming into production. ZAAB Energy’s Russian subsidiary ZAAB Invest which is headquartered in Moscow holds licenses to five areas located in the Russian Federation between Black and Caspian Sea. The license areas are located in well-established Russian oil provinces and have access to existing infrastructure (such as pipelines, railroads or ports). ZAAB Invest’s reserves and resources potential of recoverable oil and gas is currently estimated at several hundred million barrels of oil and oil equivalent. A significant part of the resources has been audited by an independent, international reserves auditor. CEO of the Russian subsidiary ZAAB Invest is Mr. Zamir Abdullaev who previously worked for a Rosneft subsidiary and later developed successfully the Russian upstream company Goloil. Goloil was ultimately sold to the Russian oil company Russneft. Mr. Abdullaev is working closely with a team of highly experienced Russian oil and gas experts, many of whom where already involved in developing Goloil. The company’s current priorities are to complete exploration activities on its license areas and to start pilot production within a few months. Detailed seismic data is available for all license areas and is partly based on recent research undertaken by ZAAB Invest. In one of the license areas a water well was completed end of April 2007, thus allowing to begin the actual oil drilling works. A water well is a pre-requisite for oil drilling. In another license area a well exists which previously proved the existence of oil. Currently work is ongoing on the rehabilitation of this well. Furthermore, in April 2007 a report was presented by an independent oil service company on a seismic survey based on newly shot 500 linear kilometers of seismic lines. The report confirmed earlier analysis of the license area of ZAAB Invest which presumably holds a major part of ZAAB Energy’s oil and gas resources. In particular, the report underlined earlier findings on the location of potentially oil and gas bearing geological layers. Board of directors Forward looking statements This news release is based on 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 divergencies 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 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 offer, solicitation or sale would be unlawful prior to qualification under securities laws of such state or jurisdiction. Jan-Hendrik Röver, Member of the Board, tel.: +49 89 242 246 910 DGAP 15.05.2007 ----------------------------------------------------------------------
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