Island Oil & Gas has agreed with Valiexchimp to set up a joint venture company for the acquisition of specific upstream and downstream oil and gas assets in the Republic of Moldova currently owned and operated by Valiexchimp.
Valiexchimp’s assets are presently being re-structured to facilitate the completion of this transaction in a timely manner.
In addition Island is also evaluating additional opportunities arising from its memorandum of understanding with Valiexchimp in relation to exploration and exploitation of gas and oil resources on other ex-Soviet republics. Island will report further progress on the completion of this transaction in due course.