abce certificate
Friday, 21 November, 2008, 18:10 GMT | more >>

Transmeridian dips in to Dagestan



By Upstream staff 

Houston-based Transmeridian Exploration said today it had bought a 50% interest in the Gasha onshore field in the Republic of Dagestan from a Russian investment group.

The company said it had paid $2.5 milliion for the licence stake in the autonomous region of Russia bordering the Caspian Sea.

It said it had entered a joint operations agreement with other shareholders covering future operations in the area. Transmeridian also advanced the venture $1 million to pay of debts and said it would pay costs of up to $4 million to conduct a #D seismic survey and drill one extended-reac hwell.

The Gasha field is thought to contain reserves of about 11 million barrels of oil, Russian government data shows. Transmeridian said it also hopes to include the nearby Selli field, owned by the same Russian investment group, in its venture.

The Selli field is estimated to hold 14.6 million barrels of oil.

Both fields were originally developed during Soviet times, but are not now active. They lie close to existing oil and gas infrastructure.


Monday, 11 September, 2006, 19:16 GMT  | last updated: Monday, 11 September, 2006, 19:16 GMT

e-mail this article to a colleague


to email:  from:
comments: