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.

Orneftegaz’s extension is the final element in AOGC’s takeover of the remaining 45% of the shares in ZAO Orneftegaz and AOGC will own 100% of the company. The process involving the acquisition of the last 45% of shares will most likely be completed in April.

The CEO of AOGC Espen Glende comments:

“This is very good news. We now control 100% of the company, and we now concentrate on starting production from the existing wells on the license as soon as possible. Furthermore; the 3D seismic will be completed and processed during 2nd quarter, and we will then plan a drilling campaign based on the results from the 3D seismic. We are very pleased with another important milestone passed!”