Transoilgroup AG
Transoilgroup AG completes takeover of Visoka oilfield
TRANSOILGROUP AG / Key word(s): Energy/ 14.02.2012 / 14:19 --------------------------------------------------------------------- Press Release Transoilgroup AG completes takeover of Visoka oilfield St. Gallen / Switzerland, February 14, 2012 - Transoilgroup AG confirmed today that it has completed the takeover of 243 wells plus the infrastructure and all other assets forming a part of the Visoka Oilfield. The official documents were signed on February 7, 2012 by the Albanian state oil company Albpetrol and the Albanian subsidiary of Transoilgroup AG. The Albanian Minister of Economy and the General Director of the National Agency of Natural Resources (AKBN) were satisfied that the handover of the Visoka oilfield was finally completed. In a meeting on February 10, 2012 the Minister expressed his confidence that it will now be possible to increase the production of the Visoka Oilfield and the prosperity of Albania. According to Transoilgroup AG's CEO, the corporation intends to initially invest on development and production at Visoka Oilfield 20 million US Dollars, with a total budget of 80 million US Dollars for the next 3 years. The CEO thanked all parties involved, in particular the Albanian Government, the Minister of Economy and the AKBN's General Director, he said: 'Transoilgroup AG is very pleased to have received the opportunity to develop, exploit and to test its experimental Hertel Technology on the Visoka Oilfield.' Although the use of the Hertel-Technology is not a condition under the Agreement for the development and exploitation of the Visoka Oilfield, the parties are confident that this new technology has the potential to start an energy revolution to change the oil and electricity balance of the world. Official Links to the Albania Government: http://akbn.gov.al/index.php?ak=details&nid=55 http://akbn.gov.al/index.php?ak=details&nid=55#Scene_1 Contact: Peter Krempin (CEO), tel. +41 71 544 01 20, Mail: info@transoilgroup.com End of Media Release --------------------------------------------------------------------- 14.02.2012 Dissemination of a Press Release, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 156661 14.02.2012
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