ZAAB ENERGY AG
ZAAB ENERGY AG: ZAAB Energy increases resource base
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, 26 June 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. ZAAB Energy’s Russian subsidiary ZAAB Invest holds a license portfolio to five areas located in the Russian Federation between Black and Caspian Sea. Good news came from ZAAB Invest’s Rudevskiy area which is located in the Krasnodar region. So far approximately 20 million barrels of recoverable resources had been estimated for this field. After several months of reinterpretation of the available geological and geophysical data on the Rudevskiy area an independent research institute confirmed on 22 June 2007 that approximately 73 million barrels of oil equivalent can be expected to be recoverable. Mr. Zamir Abdullaev, the CEO of ZAAB Invest, stated that 'this makes the area potentially one of the most important areas in the diversified ZAAB Invest portfolio and provides further risk mitigation to investors.' After a water well was already completed in the end of April 2007 in an area held by ZAAB Invest, oil drilling works began in May 2007 after receipt of all necessary governmental approvals. On 25 June 2007 approximately 1,000 meters of drilling were completed without any further issues. Blow-out preventers have already been installed at the well in accordance with the existing safety requirements. Such blow-out preventers are used to prevent the sudden eruption of oil or gas from a deposit which can occur if deposit pressure increases suddenly. Mr. Abdullaev said: 'We are satisfied with the swift progress of our drilling works which are even ahead of our initial time schedule. Our intention is to drill with appropriate care to generate core samples of 300 meters from this well. This will be particularly valuable in the later production phase.' The high quality of the ZAAB Invest management team was recently confirmed by a rare award. Professor Gennadiy Shilov, the chief geologist of ZAAB Invest, was elected member of the Russian Academy of Natural Sciences in Moscow. This appointment was made in recognition of Professor Shilov’s lifelong research into issues of hydrocarbons geology, in particular for his advancement in the understanding of offshore deposits. Professor Shilov is the author of a number of standard textbooks on geology and field development. 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 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 26.06.2007 ----------------------------------------------------------------------
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