OREANDA-NEWS.  Today in Astana, the capital of Republic of Kazakhstan, KazMunayGas, Caspian Investments Resources Ltd. (joint venture between LUKOIL Overseas and Mittal Investments), and Repsol Exploracion Kazakhstan S.A. signed new versions of the founding agreement and articles of association of Zhambay LLC. Changes in the founding documents reflect the new composition of the project partners. In November 2006, an agreement was signed under which KazMunayGas was to transfer 25% to each of the new partners, Caspian Investments Resources Ltd. and Repsol Exploracion Kazakhstan S.A.


To date the parties have received all necessary approvals from the government authorities of the Republic of Kazakhstan, i.e. the Ministry of Energy and Mineral Resources of the RoK, the Competition Protection Committee of the RoK Ministry of Industry and Trade, and the Interdepartmental Commission of the RoK. In addition, Caspian Investments Resources Ltd. and Repsol Exploracion Kazakhstan S.A. made payments to KazMunayGas for their share interests in the projects (25% each). Zhambay LLC is a participant in the PSA for the offshore blocks of South Zhambay and South Zaburunye in Kazakhstan's sector of the Caspian Sea. The blocks are located in the shallow-water and transitional freezing zones of the Caspian Sea. In 2002-2006, Zhambay LLP performed a detailed 2D seismic survey on the blocks, as a result of which three structures, Edil, Kosarna and Karabulak, were identified. The combined area of the exploration blocks exceeds 2,000 square kilometers.