AGR Petroleum Services has been commissioned by Karpinsky Oil and Gas Co. (KOGC) to act as technical and financial advisor in the sale of two large E&P licenses in the Rostov District in Southern Russia, a news release said.
KOGC, the majority shareholder in CJSC Rostneftegaz Geo (RNGG) and holder of 100% of both licenses, is selling a minimum of 10% stake, the release said. KOGC plans to use the equity to finance its ongoing exploration and drilling program, including the completion of wells in both the Gashunsky and North Donskoy license block.
The licenses, which lie in the hydrocarbon bearing Karpinsky Ridge Oil and Gas trend, cover an area of 4,958 sq km (1,914 sq miles) and extend from Kazakhstan to eastern Ukraine.
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