News

12 January 2012. – Mr. Francis Gugen Departure

Francis, having helped CEOC through its most critical phase from formation to first production, has expressed a wish to concentrate on his other interests, including a charitable biotech company which he helped set up in December 2011. Accordingly, Francis will be retiring from the Board on 31 January 2012. Francis will remain an advisor to BNRI and so his services will continue to be available to CEOC as and when required.

9 September 2011 – CEOC Ltd. has begun a flow test and production operations of the Rusza-12 following the workover.

1 March 2011 – Central Europe Oil Company – CEOC Ltd. announces that it has finalised agreements with MOL Hungarian Oil & Gas company to evaluate the redevelopment potential of three of MOL’s oil fields in Hungary; Mezősas, Mezősas Nyugat and Ruzsa.

The agreements set out the commercial arrangements under which CEOC will finance any subsequent redevelopment activities on the fields and recover its investment from the resulting incremental production.

CEOC and MOL are discussing similar arrangements for three other oil and gas fields and expect to conclude the respective agreements by 31st August 2011.

Work on the preliminary field studies is well advanced and CEOC and MOL are confident that field operations will commence in the near future.

CEOC is an independent company specialising in the re-development of mature hydrocarbon reservoirs. Its shareholders include senior management, Barclays Natural Resource Investments (BNRI), a global private equity business focused on natural resource investment opportunities and the European Bank for Reconstruction and Development, an international financial institution that supports the transition to market economies.