Pacific Energy Development provides an update on the Company's pending acquisition of a 5% interest in Caspian Energy Inc. (Caspian Energy). As previously announced by Pacific Energy Development, the Company has no further funding obligation for the future development of the Kazakhstan asset.
This Kazakhstan asset is located in the North Block of the Pre-Caspian Basin, one of the largest producing basins in Kazakhstan, and is covered by an exploration license issued by the Republic of Kazakhstan, held by Caspian Energy's Kazakhstan subsidiary, Aral Petroleum. Aral Petroleum currently has one producing oilfield in this asset, the East Zhagabulak (EZ) oilfield, which recently entered the commercial production stage with a 20 year production license expiring in 2034. Aral Petroleum also has several oil prospects in the asset that are currently in the exploration stage.