Transmeridian Looks To Sell Off Kazakhstan Oil Field

Law360, New York (May 26, 2009, 12:00 AM EDT) -- Transmeridian Exploration Inc. is asking a bankruptcy judge to approve the bidding and sale procedures for a plan to sell the debtors' interests in a Kazakhstan oil field to Ufex Advisors Corp. for $35 million.

The exploration license, which covers an estimated 30 million to 50 million barrels of producible oil, represents the debtors' most substantial asset subject to liquidation, according to a motion filed Friday in the U.S. Bankruptcy Court for the Southern District of Texas.

The licensed is owned by JSC Caspi Neft TME,...
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