Kroes Energy Inc., Calgary, (Toronto Venture: KRS) plans to acquire a 55% interest in the Kashtan Petroleum Ltd. joint venture that is presently held by Ukrnafta. Naftogas is the majority owner of Ukrnafta with a 50.1% shareholding interest. Naftogas will acquire a 25% voting interest in Kroes in return and will have the right to appoint up to two directors of Kroes. Kashtan Petroleum holds the license to redevelop the Lelyaki oil field in central Ukraine and with this acquisition, Kroes’ interest in Kashtan will increase from 45% to 100%. In the first half of 2004, Kashtan’s share of production from Lelyaki was 550 barrels per day from 20 wells.
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