C.A.T. oil successfully enters new markets
Baden/Vienna (euro adhoc) -
New international projects through subsidiary CAToil-GEODATA Expansion of activities to India, Nigeria and Argentina
ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
companies
September 28, 2007 - C.A.T. oil AG (O2C, ISIN: AT0000A00Y78), one of the leading providers of oil and gasfield services in Russia and Kazakhstan, further advances its diversification process and geographical expansion by launching international operations in India, Nigeria and Latin America through its new subsidiary CAToil-GEODATA.
CAToil-GEODATA provides high-margin geotechnical services such as 2D/3D seismic and reservoir engineering to Russian and international oil and gas majors. In addition to its strong market position in the Russian oil and gas industry, the Company faces increasing demand from customers abroad.
C.A.T. oil has successfully entered new markets and has recently been awarded with new contracts from international customers with an overall volume of EUR 15 million. These include 2D/3D seismic projects in India and Nigeria. Mobilization will start in Q4 2007 and will be completed within H1 2008. Additionally, the Company has already launched a consultancy project for an European oil and gas major in Argentina to optimize client´s local oil and gas production. Surveys and interpretation of comprehensive seismic data will be conducted in the CAToil-GEODATA research centers in Russia.
Manfred Kastner, CEO of C.A.T. oil AG, outlined: "In view of scarcity of energy reserves the systematic collection and interpretation of seismic data are getting more and more important for the global production of oil and gas. As a consequence, the geotechnical service sector is facing increasing demand and strong growth. With clear double-digit margins CAToil-GEODATA´s high-quality seismic and reservoir engineering services represent a lucrative and important enhancement of our service portfolio. Through this product diversification we gain additional strategic access to important new customers and markets and thus accelerate the geographical expansion of C.A.T. oil."
www.catoilag.com
About C.A.T. oil AG: Austria-based C.A.T. oil AG (O2C, ISIN: AT0000A00Y78) is one of the leading providers of oil- and gasfield services in Russia and Kazakhstan. C.A.T. oil´s core business is hydraulic fracturing, a process which helps to open up oil- and gas-bearing rock formations in order to increase or even enable oil and gas production. The C.A.T. oil crews use state-of-the-art methods and technologies to generate high pressure in the oil or gas reservoirs concerned. This pressure causes cracks to appear in the rock through which oil or gas can be produced in larger quantities from the production well, and hence efficiently boosts extraction, particularly in the case of deposits that are difficult to develop or low-output wells. In addition, hydraulic fracturing can be used to revitalize wells that have previously been idle.
The Company has its headquarters Baden/Vienna and employed an average of 2,875 people in the first half of financial year 2007, most of whom are based in Russia and Kazakhstan. Customers include leading oil and gas producers such as Gazprom, KazMunaiGaz, LUKOIL, Rosneft, and TNK-BP. C.A.T. oil has been listed in the Prime Standard of the Frankfurt Stock Exchange since May 4, 2006, and has been a member of the SDax since September 18, 2006.
end of announcement euro adhoc 28.09.2007 12:30:00
Further inquiry note:
Press contact:
A&B Financial Dynamics
Dr. Lutz Golsch Claudia Werth
Tel.: +49 (0)69 92037-110 Tel.: +49 (0)69 92037-114
Email: l.golsch@abfd.de Email: c.werth@abfd.de
Branche: Oil & Gas - Upstream activities
ISIN: AT0000A00Y78
WKN: A0IKWU
Index: Classic All Share, Prime All Share, SDAX
Börsen: Börse Frankfurt / official dealing