DGAP-News: KAMPAC INTERNATIONAL PLC SIGNS MOU FOR OIL BLOCKS AND REFINERY
(firmenpresse) - KAMPAC International plc / Miscellaneous
04.08.2010 12:15
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KAMPAC INTERNATIONAL PLC SIGNS MOU FOR OIL BLOCKS AND REFINERY
London, August 3, 2010 - Kampac International Plc ('Kampac', WKN: A0YEKV)
has signed MOU's with KZACI J.S.C ('KZACI') and ALEM Transoil Liomited
('ALEM') to acquire a 49% stake in a refinery and eight oil blocks in
Kazakstan. 'The acquisition of these Exploration and Production assets are
in line with Kampac's long-term growth strategy of strengthening the asset
base and growing the international reach of the company,' says Eddie Law,
Kampac's CFO.
The oil blocks held by ALEM have 1P reserves of 14 million barrels and 2P
reserves of 30 million barrels. The 1P reserves are approximately valued
$350 million. The 49% stake would be acquired thru a $20 million
exploratory investment. Beisen Zharkimbekov President of ALEM says, 'We
believe that the cooperation will strengthen our business philosophy and we
believe in the Kampac partnership.'
The refinery held by KZACI has a refining capacity of 10,000 metric tons
per month (2,400 barrels per day). Kampac will acquire a 49% stake in the
refinery thru a $100 million upgrade investment. After the upgrade, which
will increase the refineries capacity to 100,000 metric tons per month, the
investment return is an estimated $103 million - Kampac's net share being
approximately $50 million.
The transaction is pending full due diligence.
DISCLAIMER
This press release contains forward-looking statements based on beliefs of
Kampac's management. When used in this press release, words such as
'anticipate', 'believe', 'estimate', 'expect', 'intend', 'plan' and
'project' are intended to identify forward-looking statements. Such
statements reflect the views of Kampac as of the date made with respect to
future events and are subject to risks and uncertainties. Many factors
could cause actual results to be materially different from those projected
here, including, among others, changes in general economic and business
conditions, changes in currency exchange rates and interest rates,
introduction of competing products, lack of acceptance of new products or
services and changes in business strategy. Kampac disclaims any intention
or obligation to update these forward-looking statements.
ABOUT KAMPAC INTERNATIONAL PLC
Kampac International Plc is a holding company incorporated in United
Kingdom under company number 06715725,with registered office in London, and
operating subsidiary Kampac Oil ME FZCO ('Kampac Oil'), located in Dubai,
UAE. Kampac Oil was founded more than 9 years ago and specializes in the
oil trading, construction, and maintenance of pipelines, roads, bridges,
and petroleum storage sites. The company pursues an international growth
strategy, aiming to continue developing new markets in South America, Asia
and Africa.
Press contact:
Eddie Law at 1-905-477-9595 ext 2288
Email: eddie(at)kampacgroup.com
www.kampacgroup.com
04.08.2010 12:15 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Datum: 04.08.2010 - 12:15 Uhr
Sprache: Deutsch
News-ID 31886
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