Closing of the 49% BaiTex LLC divestment
Zenith Pure Oil Hungarian Oil and Gas Plc. hereby informs the capital market participants that it has successfully closed the deal announced on the 20th February, 2014 with Turkish Petroleum Corporation (“TPAO”) for divesting 49% share of BaiTex LLC (“BaiTex”). BaiTex is the holder of the hydrocarbon licenses for Baituganskoye field and Yerilkinsky block in the Volga-Ural region, Russia.
The net proceeds of the divestment amount to USD 175mn sales price, plus adjustments to the effective date. Zenith Pure Oil’s SPE 2P reserves decrease by 54 MMboe as a result of the transaction.
For further information, please contact:
Investor Relations + 36 1 464 1395
facsimile: + 36 1 464 1335