Transmeridian seeks cash injection
Houston-based Kazakhstan player Transmeridian Exploration said it was in early
talks to tie down a “substantial” equity investment in the company after
failing to find a buyer for the company.
Transmeridian said the investment would be used to develop its main asset, the
South Alibek field in western Kazakhstan.
The company said existing production of about 2200 barrels per day of oil from
the field was enough to cover continuing operating costs and overheads,
However, it lacked funds to reactivate drilling and workover activities on
the field.
Transmerdian said oil production has exceeded 4000 bpd on the field prior to
“curtailments” in 2007.
It said the process of raising equity was being hampered by its high debt
levels and warned that the present discussions may not necessarily lead to a
deal.
17 April 2008 05:20 GMT
| last updated:
17 April 2008 05:20 GMT
Latest jobs
