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Wednesday, 07 January, 2009, 21:10 GMT | more >>

Transmeridian makes Kazakh buy



By Upstream staff 

US-listed Transmeridian Exploration will acquire Bramex Management for $168 million, giving the company complete control of the South Alikbek field in Kazakhstan.

The price includes $42 million to repay existing Bramex debt.

Transmeridian expects to fund the acquisition through a combination of new debt financing and new equity.

The South Alikbek field has estimated reserves of about 68.9 million barrels of oil equivalent as of the end of 2004.

Field production averaged about 1000 bpd during August and September due to the shut-in of several wells for workovers.


Friday, 21 October, 2005, 01:27 GMT  | last updated: Friday, 21 October, 2005, 01:27 GMT

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