2009-08-15-2009-01-01

New offer to acquire 90% stake in company.

Hong Kong energy investment company United Energy Group Ltd. has made a new offer to acquire Transmeridian Exploration Inc. (NYSE Alternext US: TMY) for US$130 million. The deal supersedes an agreement in June in which UEGL agreed to acquire a 90% stake in the company for US$215 million. Transmeridian will consider the UEGL offer while continuing to solicit proposals. Transmeridian reported that if it is unable to complete a satisfactory strategic transaction or secure adequate additional capital, the company will not be able to meet its contractual obligations, including scheduled interest payments on its senior notes. Transmeridian has oil assets in the Caspian Sea region of Kazakhstan and southern Russia, with its main asset being a 100% interest in South Alibek Field in western Kazakhstan. Production as of Dec. 31, 2007, was approximately 2,425 barrels of oil per day.