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Caspian Energy receives advance in the loan agreement


Published Aug 2, 2013
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Caspian Energy

Caspian Energy Inc. announce that Aral Petroleum Capital LLP (APC), Caspian's 40% owned subsidiary, has received an advance in the amount of USD $3,000,000 pursuant the loan agreement between APC and Groenzee B.V. signed in June, 2013. The proceeds of this advance are to be used to test well 316 in West Zhagabulak in accordance with the advice of outside consultant Mr. Roger Nutt. The tender process for this work has been concluded and a suitable bid was received from a prominent contractor.

Mobilization of the rig required for this testing is imminent pending clearance of certain items through customs. The target date to commence the contemplated testing is set for mid-August.

Tags: Caspian Energy Inc.




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