OilVoice - Zhaikmunai Announces Kazakhstan Exploration Licence Extension

Zhaikmunai Announces Kazakhstan Exploration Licence Extension

28 November 2008

Zhaikmunai L.P., the oil and gas exploration, has received an extension to its exploration licence for the Chinarevskoye field in north western Kazakhstan until 26 May 2011.

In June this year, Zhaikmunai announced six commercial discoveries in the Chinarevskoye field following the submission of the relevant declarations to the Kazakh Ministry of Energy and Mineral Resources ("MEMR") on 19 May 2008. As a result of these submissions, on 17 November 2008 the MEMR signed a supplementary agreement to Zhaikmunai's original Production Sharing Agreement thereby extending its licence for a further three-year period.

Kai Uwe Kessel, Chief Executive of Zhaikmunai, said: "The licence extension is an important step in the development of the field and will help us to exploit the huge potential of Chinarevskoye."