14 May 2004 01:49
TETON TO SELL 35% OF GOILOIL TO RUSSNEFT
DENVER. May 13 (Interfax) The U.S. company Teton Petroleum, which operates in Russia, intends to sell its 35.3%
interest in the joint venture Goloil, which itself is licensed to produce oil in Western Siberia, to Russneft, its
Russian partner in Goloil, Teton said in a press release.
Teton said the deal was subject to approval by its annual general meeting of shareholders.
Teton estimates the share packet at $15 million cash, including all Teton's unpaid loans. It said $9.9 million
represented Teton's share in Goloil's net debt.
Russneft owns 65% of the joint venture. The agreement between the two partners is for equal investments in
Goloil.
buy the Samson-held stake. After that, the U.S. company Valkyries
Petroleum Corp. paid $39 million for 50% of the stock in
Goloil is working three deposits in the Eguryak licensed section in the Nizhnevartovsk region of the Khanty Mansiisk
autonomous district, containing reserves of 9 million tonnes of oil.
Teton plans to use the funds raised from the sale of the 35% to buy a controlling stake in a Russian oil and gas
project under an agreement the company signed in early April. The company expects that its extraction share will be
nearly 3,400 barrels of oil a day.
Pechoraneftegaz, set up in 1993, is licensed to produce oil at the
Sotchemyu and East Sotchemyu-Taliyyu fields, and to prospect
Teton also said it earlier signed a deal with Samson International Resources to buy its 52%-stake in Pechoraneftegaz
in the Komi Republic. However since the deal was signed another Pechoraneftegaz shareholder, the Cyprus-based division
of Vitol, exercised its preferential right to
Pechoraneftegaz.
But Teton told Interfax that it was still for the time being interested in buying into this asset.
hydrocarbons at the South Ronael, West Guderyel, Kyrnyshyu-Dinvozh, Listvya and Panel properties within the
Mutno-Materikovy block in the Timan-Pechora oil and gas province.
[Interfax] |
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