LONDON / GUERNSEY AUGUST 14th, 2012 – Blake Oil and Gas Limited (“Blake”) a privately owned, Guernsey registered, oil and gas company announces that it has entered into a Joint Venture arrangement with MND Group AS (“MND”), a member of the KKCG Investment Group, to fund development and appraisal activities on the Ninotsminda, Manavi and Norio oil and gas assets in the country of Georgia.
Under the agreement, MND will acquire a 50% interest in Blake’s operating subsidiaries Ninotsminda Oil Company Limited, Canargo (Nazvrevi) Limited and Canargo Norio Limited, and will fund a significant work programme to accelerate the development of the currently producing Ninotsminda field as well as complete the appraisal of the substantial Manavi and Norio discoveries. An independent report issued by Netherland, Sewell & Associates Inc. in 2011 assigned 2C Contingent recoverable resources for Manavi and Norio of 339.3 MMbo (129.6MMbo in Manavi and 209.7MMbo in the Norio Oligocene reservoir) and 58.3 Bcf (Manavi) as well as best estimate Prospective recoverable resources of 222.4 MMbo and 266.9 Bcf for the Middle Eocene reservoir within Norio. Blake will retain operatorship of the fields.
Vincent McDonnell, CEO of Blake commented: “We are delighted to welcome MND into the Joint Venture. In addition to additional significant funding, our new partner will bring a wealth of experience and expertise to the projects. Work will begin immediately on preparing for seismic acquisition with a view to an extensive drilling programme over the coming three years.”
Andrew Morris, Chairman of Blake added: “This is a significant strategic step in the development of Blake as an international oil and gas company. With funding of our core assets in Georgia secured, and a clear work programme in place, Blake can now look forward to developing its broader business with new opportunities.”
Bernhard Cociancig, CEO of MND International commented: “I am glad to have now become a partner with Blake in this exciting project, where the implementation of the defined and agreed work programme is about to gain momentum and pace. Over the past months Blake and MND have developed an excellent working relationship and in previous visits to Georgia, I have been able to witness the encouraging progress in the country.”
Blake Oil and Gas Limited
Andrew Morris, Executive Chairman
Vincent McDonnell, Chief Executive Officer
+44 (0)1483 573 211
+44 (0)20 8566 1310
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