Fountain Oil announces license in Ukraine.HOUSTON--(BUSINESS WIRE)--May 13, 1996--Fountain Oil Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NMS See NetWare Management System. : GUSH) announced today that the Kashtan Petroleum Ltd. joint venture, in which Fountain is a major participant, had received the formal license to proceed with the development of the Lelyaki Oil Field in the Pryluki region of Central Ukraine. Fountain also announced that it had increased its beneficial ownership position in UK-RAN Oil Corp. from 80 percent to 90 percent, and UK-RAN holds 45 percent of the equity of Kashtan Petroleum. The license to develop the Lelyaki Field was granted by the State Committee for Geology and Mineral Resources Noun 1. mineral resources - natural resources in the form of minerals natural resource, natural resources - resources (actual and potential) supplied by nature . The license encompasses 173 km2 (42,748 acres) and has a term of 20 years. Kashtan will begin preparation immediately for the initial development program, which includes workover of existing wells and data collection in order to assess the total development program and production optimization. Commenting on the agreement, Arild Boe, executive vice president responsible for developing Fountain's activities in the Ukraine, said, "The Lelyaki Field development will be Fountain's first major project in the Ukraine. The Lelyaki Field license is our second production license and enhances our growing portfolio of international projects which includes projects in Albania, western Ukraine Western Ukraine may refer to:
Fountain Oil Inc. is actively acquiring and developing a portfolio of oil and gas properties. The company also owns a patented technology for electrically enhanced oil recovery Enhanced Oil Recovery (EOR) is a generic term for techniques for increasing the amount of oil that can be extracted from an oil field. Using EOR, 30-60 %, or more, of the reservoir's original oil can be extracted [1] compared with 20-40% [2] used to increase the production of paraffinic oil and heavy oil. CONTACT: United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. : Fountain Oil Inc. Susan E. Palmer, 713/492-6992 or Europe: Fountain Oil Inc. Nils N. Trulsvik, (47) 66 90 3144 |
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