logo-loader

Caspian Energy appoints new CFO as it completes Aral Petroleum acquisition

Published: 15:11 29 Apr 2015 EDT

kazakhstan350_55412dfe4c3a9

Caspian Energy (CVE:CKZ.H) has appointed Yelena Tselenko as Interim Chief Financial Officer of the Company.

Tselenko will assume her new role on May 15, 2015, replacing Brian Korney, who will serve as Caspian’s interim Chief Executive Officer, corporate secretary and director.

"On behalf of the Board, I would like to thank Brian for his many years of service and contributions to the Company as its Chief Financial Officer, and appreciate his continuing service as Interim Chief Executive Officer and a director while the Company transitions its senior management," said Caspian’s Chairman of Board of Directors, Michael Nobbs.

Tselenko was chosen to help the company complete the acquisition of its remaining interests in Aral Petroleum.

Caspian Energy started to take over control of Aral Petroleum Capital, the operating entity of the East Zhagabulak oil field in Kazakhstan for an aggregate price of US$47.1 million.

In connection with the acquisition, through a share swap deal first announced on August 1, 2014, Caspian said it has received conditional approval from the TSX Venture Exchange.

Under the deal, the company is to issue Caspian shares to the other holders of Aral shares in a share swap deal. Upon the closing of the share purchase agreement, Asia Sixth will have a 35.1% stake in Caspian, while Meridian Capital and Firebird will own, respectively, 26.0% and 8.2% of Caspian.

On closing of the deal, Sixth Energy, which is the majority shareholder of Asia Sixth, and Meridian will provide a secured loan facility of up to US$21.5mln to Aral.

The conditions of the NEX's conditional approval include, among other things, execution of the Loan Agreement and approvals by the Kazakhstan government of the transfer of the Aral interests to Caspian.

The conditions of the NEX's conditional approval must be satisfied by or before July 16, 2015.

 

 

 

 

 

Ramp Metals Launches Drilling Program in Pursuit of High-Grade Nickel in...

Ramp Metals CEO Jordan Black joined Steve Darling from Proactive to introduce the company to the public domain and share exciting developments in the mining industry. With a background as a geotechnical engineer and experience in venture capital, including a notable role in taking GoldSpot...

34 minutes ago