C.A.T. oil AG

C.A.T. oil wins major tender for workover services

• C.A.T. oil’s subsidiary CATOBNEFT has been awarded winner of major tender for a workover contract with TNK-BP • More than 50% of C.A.T. oil’s current workover capacities locked up for three years

@@start.t1@@--------------------------------------------------------------------------------   ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for   the content of this announcement. --------------------------------------------------------------------------------@@end@@


Vienna (euro adhoc) - December 17, 2007 - C.A.T. oil AG (O2C, ISIN AT 0000A00Y78), one of the leading providers of oil and gas field services in Russia and Kazakhstan, through its operating subsidiary CATOBNEFT has been announced winner in a major tender for a 3-year well workover contract with TNK-BP, one of Russia´s largest oil and gas groups.

C.A.T. oil will render workover services at TNK-BP´s Samotlor field, one of the largest oil fields in the world, in Nizhnevartovsk area, West Siberia. Apart from well workover, C.A.T. oil provides hydraulic fracturing, sidetracking and remedial cementing services at Samotlor under the field´s rehabilitation plan.

The tendered work load amounts to a revenue of around EUR 20 million per year and locks up C.A.T. oil´s twenty well workover rigs or approximately 55% of the Company´s current total workover capacity for three years.

The contract is expected to be sealed by the end of 2007 or at the beginning of 2008.

"The tender results witness our quality workover services fully meet TNK-BP´s highest operational, safety and environmental standards and cement our long-standing relations with this prominent customer. The development also points to the Russian oilfield services industry´s maturation and growing trend of longer term contractual arrangements with reliable contractors such as C.A.T. oil away from currently prevailing one-year contracts", said Leonid Mirzoyan, Chief Corporate Finance Officer of C.A.T. oil AG.


About C.A.T. oil AG: Austria-based C.A.T. oil AG (O2C, ISIN: AT0000A00Y78) is one of the leading providers of oil and gasfield services in Russia and Kazakhstan. C.A.T. oil´s core business is hydraulic fracturing, a process which helps to open up oil- and gas-bearing rock formations in order to increase or even enable oil and gas production. The C.A.T. oil crews use state-of-the-art methods and technologies to generate high pressure in the oil or gas reservoirs concerned. This pressure causes cracks to appear in the rock through which oil or gas can be produced in larger quantities from the production well, and hence efficiently boosts extraction, particularly in the case of deposits that are difficult to develop or low-output wells. In addition, hydraulic fracturing can be used to revitalize wells that have previously been idle.

The Company has its headquarters in Vienna and employed an average of 3,053 people in the first nine months of financial year 2007, most of whom are based in Russia and Kazakhstan. Customers include leading oil and gas producers such as Gazprom, KazMunaiGaz, LUKOIL, Rosneft, and TNK-BP. C.A.T. oil has been listed in the Prime Standard of the Frankfurt Stock Exchange since May 4, 2006, and has been a member of the SDax since September 18, 2006.

@@start.t2@@end of announcement                                                 euro adhoc

ots Originaltext: C.A.T. oil AG
Im Internet recherchierbar: http://www.presseportal.ch

Further inquiry note:
Press contact:
A&B Financial Dynamics
Dr. Lutz Golsch Claudia Werth
Tel.: +49 (0)69 92037-110 Tel.: +49 (0)69 92037-114
Email: l.golsch@abfd.de Email: c.werth@abfd.de

Branche: Oil & Gas - Upstream activities
ISIN:      AT0000A00Y78
WKN:        A0IKWU
Index:    SDAX, Classic All Share, Prime All Share
Börsen:  Börse Frankfurt / regulated dealing

Weitere Meldungen: C.A.T. oil AG

Das könnte Sie auch interessieren: