Arawak Energy acquires Tamdykol block

Arawak Energy Limited announces the acquisition, from a local Kazakh company, of a 100% interest in the Tamdykol exploration block (“Tamdykol”), located in the prolific Pre-Caspian hydrocarbon basin of Western Kazakhstan.

Tamdykol is located in the Emba oil and gas province approximately 260 km southwest of the city of Aktobe, in the Aktyubinsk Oblast. The contract for subsurface use was registered with the State Competent Body on January 20, 2000 and the contract is in the second extension of the exploration period, which runs until January 20, 2010.

In late 2007, the area of Tamdykol was expanded from 5 sq km to 275 sq km (67,700 acres) to encompass several adjacent salt domes within the same petroleum system. Upon application to the Ministry of Energy and Mineral Resources, an evaluation period beyond January 20, 2010 may be granted in the event of a hydrocarbon discovery. Under the license terms, success in the remaining exploration period will be followed by the right to a 19 year production period. A post pay out 10% royalty interest is held by local investors.

Source : www.arawakenergy.com/