Caspian Energy closes its acquisition of the remainder of Aral Petroleum

Published May 21, 2015
Caspian Energy

Caspian Energy Inc. has completed its previously announced acquisition of all of the remaining interests in Aral Petroleum Capital LLP (Aral), the operating entity of the East Zhagabulak oil field and North Block Licenses in Kazakhstan, not already owned by the Company (the "Transaction"). The Transaction was completed pursuant to the share purchase agreement dated August 1, 2014, as amended November 11, 2014 (the "SPA") between the Company, its wholly-owned subsidiary Caspian Energy Canada Limited, Asia Sixth Energy Resources Limited ("Asia Sixth"), Groenzee B.V. ("Groenzee"), a wholly-owned subsidiary of Asia Sixth, and four other parties (the "Investors").

"Today's closing marks the culmination of almost a year's work on a comprehensive restructuring transaction which has truly transformed the organization and management of Caspian", said Michael Nobbs, the Chairman of the Company's board of directors (the "Board"). "I'd like to thank the entire Board, management and our team of legal and financial advisors for their contributions to this endeavour, as well as the Kazakhstan government and its Ministry of Energy for their continued support in these times that are challenging for all smaller exploration and production companies across the sector. I would also like to recognize and thank our resigning directors, being Brian Korney and Gordon Harris, long-standing directors and/or officers of the Company, and Paul Marchand and Ivan Andreev, for their service and contribution to the Company."

Tags: Caspian Energy Inc.


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