5th Dec 2007 07:00
Island Oil and Gas PLC05 December 2007 5 December 2007 ISLAND AGREES TERMS FOR ESTABLISHMENT OF JOINT VENTURE WITH VALIEXCHIMP S.L.R. OVER PRODUCING OIL AND GAS FIELDS AND INFRASTRUCTURE IN MOLDOVA Island Oil & Gas plc ("Island" or the "Company") today announces that it hasagreed terms and administrative procedures with Valiexchimp S.L.R.("Valiexchimp") for the setting up of a Joint Venture Company ("JVC"), 50% ownedby Island and 50% owned by Valiexchimp, to acquire specific upstream anddownstream oil and gas assets, currently owned and operated by Valiexchimp, inthe Republic of Moldova. Valiexchimp's assets are presently being re-structuredto facilitate the completion of this transaction in a timely manner. In addition Island is also evaluating additional opportunities arising from itsMemorandum of Understanding with Valiexchimp in relation to exploration andexploitation of gas and oil resources on other ex-Soviet republics. Island willreport further progress on the completion of this transaction in due course. Enquiries: Paul GriffithsChief ExecutiveIsland Oil & Gas plcT: +353 1 631 3755 Karl PrendervilleCommercial DirectorIsland Oil & Gas plcT: +353 1 631 3755 . This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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