The Company is pleased to announce that following a detailed review by Tristone Capital Limited (“Tristone Capital”) of strategic options for the Company’s Mekhediviska-Golotvschinska (“MEX-GOL”) and Svyrydivske (“SV”) gas and condensate fields in Ukraine, Tristone Capital has been retained to further advise on the partial divestment of an interest in these fields. 

The partial divestment process, which will be managed exclusively by Tristone Capital, is intended to assist with the acceleration of the further development of the MEX-GOL and SV gas and condensate fields.  It is envisaged that a strategic partner will be sought to take an interest in the region of 50% in the project, with the possibility that the strategic partner may participate in the operatorship of the fields.

The process for partial divestment will involve a targeted approach in respect of potential partners and this process will commence shortly.

The Company would like to stress, however, that the initiation of a partial divestment process does not imply that any transaction is certain to occur or that the Company is obliged to accept any offers that may be received.

For further information, please contact:

Regal Tel: 020 7408 9500
Neil Ritson, Chief Executive Officer 
Frank Scolaro, Chairman