Azerbaijan, Baku, Nov 10. / Trend E. Kosolapova/
The EBRD has approved in principle an equity investment of up to $50 million in Polish Petrolinvest, the owner of a number of highly prospective oil licenses in Kazakhstan through exchange for shares with Kazakh partners, EBRD's official website reported.
The funds would be used for the development of Petrolinvest's oil licenses with partners to include French Total, major world-wide integrated oil and gas company.
The operation is intended to enable one of few medium-sized, independent operators in Kazakhstan to complete second stage oil exploration works in two of its most relevant prospects (OTG and EMBA), and adopt best practice corporate governance standards in preparation for an IPO on the London Stock Exchange targeted for 2011.
Contingent arrangements for further exploration drilling and farm-in with Total were concluded prior to signing. The Project remains in structuring phase, subject to further geological study and evaluation
Petrolinvest is Polish oil exploration company operating mainly in Kazakhstan.