DGAP-News: ZAAB ENERGY AG's Canadian subsidiary Black Sea Oil and Gas Ltd. achieves 600 barrels of oil equivalent daily production
(firmenpresse) - ZAAB ENERGY AG / Miscellaneous/Miscellaneous
30.03.2010 11:17
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
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Munich, 30 March 2010. ZAAB Energy AG is pleased to announce that its
Canadian subsidiary Black Sea Oil&Gas Ltd. ('BSOG'), in which ZAAB Energy
holds 51%, has now achieved an overall daily production of approximately
600 barrels of oil equivalent ('boe'). This exceeds the announcement made
in ZAAB Energy's company news of 25 November 2009 in which a production of
500 barrels of oil and gas by the end of the first quarter 2010 was
targeted. This has become possible due to the drilling success of well
100/9-23-87-6 in 'Section 23' of the Worsley area in Northern Alberta,
Canada.
The well was drilled, tested and completed successfully and has now been
brought into production. It was drilled to a total depth of 2,217 meters
and intersected several hydrocarbon containing formations. The most
promising formation (called 'Leduc formation') is of Devonian age (a
geological age) and was tested for 3 days at an average rate of 5.5 million
cubic feet of gas (which equals 1,000 barrels of oil equivalent, 'boe') and
150 barrels of hydrocarbon liquids per day, thus exceeding expectations.
Test results lead to a fast track completion. The well has been put on
production on Thursday, 25 March 2010 with 500 boe per day and has shown
stable production rates since then. This was done only four weeks after the
completion of drilling activities. The combination of a medium drilling
depth and good infrastructure make this new well in the Worsley area
particularly economical. The well has potential for much higher production
volumes and production increases are planned for the near future.
'This well result is a remarkable success of BSOG as well as ZAAB Energy's
technical team which selected the well location. The new well's production
rates are above expectations. This success confirms ZAAB Energy's decision
to enter the Canadian market. Our operations in Canada are definitely set
to grow and several additional takeover targets have already been
identified,' said Jan-Hendrik Röver, member of the board at ZAAB Energy.
About ZAAB Energy AG
ZAAB Energy AG is a Munich based independent oil and gas exploration and
production company. ZAAB Energy AG's Russian subsidiary ZAAB Invest holds a
licence portfolio of four areas located in the Russian Federation between
Black andCaspian Sea with significant oil and gas resources. ZAAB Energy
AG also holds a majority interest in the Canadian oil and gas company Black
Sea Oil and Gas Ltd. Further information is available on
www.zaabenergy.com.
Forward looking statements
This news release is based on partly forward looking statements i.a. on
planned drillings and expansion drillings, as well as associated costs and
estimates of oil and gas production, cash flows and other factors. All
statements such as planned, estimated, expected, potential etc. are of a
forward looking nature. Although ZAAB Energy AG is of the opinion that the
forward looking statements are plausible, they comprise risks and
uncertainties in a way that the occurrence of the assumed results may not
be warranted. Important factors that may lead to deviationsbetween the
actual results and the forward looking statements are e.g. issues of a
technical or mechanical nature or geological issues, which may lead to the
result that a commercial recovery of the reserves or resources is not
possible. In addition, prices may have an important impact on
profitability.
No offer to sell shares
This document represents neither an offer to sell shares of ZAAB Energy AG
('the Company') nor an invitation to make an offer to purchase shares of
the Company. This document and the information contained therein may not be
brought into or transmitted to the United States of America or distributed
or transmitted to American persons (including legal entities as defined in
Regulation S of the United States Securities Act of 1933, as amended - the
'Securities Act') or to publications with a general circulation in the
United States of America. Each violation of such limitations may constitute
a violation of applicable securities laws. The shares of the Company have
not been, and will not be, registered under the Securities Act, or with any
securities regulatory authority of any state or other jurisdiction of the
United States, and may not be offered or sold within the United States or
to, or for the account or benefit of any US person (as defined in
Regulation S under the Securities Act) except pursuant to an exemption
from, or in a transaction not subject to, the registration requirements of
the Securities Act. There shall be no sale of shares in the Company in any
state or jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to qualification under securities laws of such state or
jurisdiction.
Board of directors
Contact: Jan-Hendrik Röver, Member of the Board, tel.: +49 89 290 725 264
30.03.2010 11:17 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
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