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Thursday, May 24, 2007 11:22:15 AM
1) The merger with a company in the Saratov region is with a private company that already has oil production and a license
until the year 2025. They could not reveal the name of the company.
2) The Middle Eastern deal is with a public Russian company
but they would not give the name. They did say that the deal involves Algeria and not Libya. NWOG will get 50% of the oil production from this deal.
3) Concerning Nord Oil assets, they said they still have those assets and plan to sell them to purchase other assets. The licenses that belonged to Nord Oil are still good. They also said their talks with NDOL had always been about a merger and not a buyout.
Farkin' Parkin.
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