Aladdin Oil & Gas Company ASA (AOGC) entered in December an agreement with a Texas based group to develop 5 of the new licenses in Orenburg. This agreement has now been cancelled.

In December AOGC entered into an LOI with a Texas based group of investors, to develop the 5 new licenses in Orenburg. Following a series of negotiations, it has mutually been established that there was no commercial basis for further negotiations.

The parties are currently discussing possible co-operation on 2 of the licenses covered under the letter of intent.

The company continues the development of the licenses alone.

For further information, please contact:
COO Espen Glende (+47 906 05 434)

Aladdin Oil & Gas Company ASA is a Norwegian based exploration and production company, head quartered in Oslo, with its shares traded on the OTC list under the ticker code AOGC. The company owns the Russian oil company OOO Geotechnologia which holds two licenses in the Timan-Pechora province in Northwest Russia, as well as 6 licenses through our companies ZAO Orneftegaz and OOO Veselovskoye in the Orenburg area.