Coiled Thera Regulatory News (COIL)

19 Jul 2005 07:00

Cambrian Oil & Gas PLC19 July 2005 Cambrian Oil & Gas PlcAIM : COIL 19 July 2005 Cambrian Oil & Gas Plc Acquisition of Lake Toktogul Oil Exploration Prospect Beshkent-Togap and Tash Kumyr Project Update Cambrian Oil and Gas Plc ("COIL" or "the Company") announces that itssubsidiary, Zhibek Resources Plc, has acquired additional oil-explorationacreage within the Kyrgyz Republic. • The area is in an intermountain basin containing Lake Toktogul in the central eastern region of the Kyrgyz Republic. • The core prospect area is a 14km long structure which is between 2km and 3km wide, which is recognisable by anticlinal structural features expressed at the surface. • Area has a similar geological setting to the proven petroleum province in Fergana Basin to the southwest but to date the Lake Toktogul area has not been explored using modern scientific methods. • The area has access to local infrastructure and a skilled workforce The initial work program will focus on detailed geological mapping of thesurface structure and geochemical testing for the presence of hydrocarbon sourcerocks. Neale Taylor, Chief Executive Officer of Cambrian Oil and Gas Plc, stated: "TheLake Toktogul acreage is an exciting addition to our portfolio of Kyrgyz assets.We have been looking for some time to acquire in this prospect and aredelighted to have been able to do so. We are now aiming to complete surfacework ahead of planning a seismic study once the data has been fully evaluated". Beshkent-Togap Oil Field The construction work for the Company's Water Injection Project at theBeshkent-Togap project is now nearing completion, and workovers to convert twoexisting wells to water injectors will follow shortly. The water injection willthen commence. Once the project has been commissioned we will give furtherdetails. Tash Kumyr Exploration Permit Preparations for seismic surveys by JSC KNG Hyrocarbons, the 72% operatingsubsidiary, are advancing well. Screening for New Projects The company has a very active program of screening new ventures both frominternal sources as well as through the formal arrangement with our majorshareholder, Cambrian Mining Plc. This process is active and continuing but todate no projects have yet met the company's acquisition criteria. Ends For Further Information please contact Cambrian Oil & GasNeale Taylor, CEO +44 (0) 20 7409 0890Paul Mc Groary, Director + 44 (0) 79 3056 8160 WH IrelandTim Cofman-Nicoresti +44 (0) 121 616 2101 Parkgreen CommunicationsVictoria Thomas +44 (0) 20 7493 3713 Notes to editor Cambrian Oil & Gas (AIM : COIL), previously Silvermines Media Plc (AIM : SLV) acompany first admitted to trading on AIM on 15 July 2004, was readmitted to AIMon 1 March 2005 following an acquisition of the entire issued share capital ofZhibek Resources Plc. Zhibek was formed in February 2004 for the purpose ofconducting oil exploration, development and production activities in CentralAsia and FSU. COIL currently has two operational projects in the Kyrgyz Republic, theaforementioned Beshkent-Togap water injection project and the Tash Kumyr, anexploration licence area with 5 prospects. This information is provided by RNS The company news service from the London Stock Exchange