Anyone ever heard of this company?
Atlantic Caspian Resources Plc Exercises its Option to Drill a Second Fixed Price Well on its Akkulowsky Field in Kazakstan
LONDON, Sept. 6 /PRNewswire/ -- Atlantic Caspian Resources Plc (OTC Bulletin Board: ALCRY; London: ACA) announced today that it has informed its drilling contractor of its intention to drill a second well, consistent with its original plan to explore and exploits its Akkulkowsky field ("Akkul"), Kazakstan.
Under the terms of the existing drill contract, ACR has the right to drill a further well on existing terms on a fixed price basis. The position of the second well site is currently being finalized. On completion of the existing well, the drilling rig will be moved from its current position on well G5 to the new drilling location.
Cedric Brown, Chairman, said, "the Board is extremely confident about the outcome of the Akkulkowsky project, and is keen to take advantage of its existing drilling contract".
In June 1999, Atlantic Caspian Resources appointed Cedric Brown, who was the CEO of British Gas until 1996, as non-executive chairman of the company. Mr. Brown had a distinguished 40-year career with British Gas. Dennis Cottrell, former managing director of operations at British Gas, also was appointed to the Board.
Atlantic Caspian Resources owns an effective interest of 70% in the Akkul field in Kazakstan through its ownership in the partnership, TOO BN Munai. TOO BN Consulting owns the remaining 30% balance of the partnership. In September 1998, TOO BN Munai was awarded exploratory oil and gas licenses on the Akkul field. |
