Latest News

Aladdin Oil & Gas Company AS (AOGC) announces that ZAO Orneftegaz, a subsidiary of AOGC, has been granted an extension for its exploration license in Orenburg, Russia. The extension is valid until the end of 2010.

Well A on Prospect 3 on the Middle Sedolskaya Block was spudded March 14. It is estimated that the drilling will take 4-5 weeks. This is the second well which is drilled based on the seismic data which was acquired in 2006, on which 15 structures have been mapped.

Well A on Prospect 1 on the Middle Sedolskaya Block was spudded Monday the 18th of February. It is estimated that the drilling will take 4-6 weeks. This is the first well which is drilled based on the seismic data which was acquired in 2006, on which 15 structures have been mapped.

On the 15th of February 2007, AOGC closed on the purchase of a Russian oil company, Orneftegaz, in the Orenburg area. The purchase price has been agreed at USD 5.5 Million, and at closing paid 10% of the purchase price and provided a loan to the company of approx. USD 2.5 Million. At the closing AOGC took control of 55% of the shares, and has a majority in the company's board of directors, as well as complete control of the company's financial and operational aspects. The remainder of the purchase price is to be paid when an extension of the license is secured, and at this point AOGC acquires the remaining shares.