Araca Energy ASA

Araca Energy ASA (ARACA)

Araca Energy ASA (Araca) is an oil and gas exploration and production company (E&P) based in Oslo, Norway.

The company was founded in 2006 for the purpose of acquisition and production of oil and gas assets in Russia and the Commonwealth of Independent States (CIS).

Araca has ownership in two E&Ps in the Komi Republic of the Russian Federation; OOO Geotechnologia ("GT") and Neftegazopromyslovye Tekhnologii Ltd. (“NGPT”). Both assets have experienced management and operating teams with appropriate funding. Araca has also interests in two offshore blocks in the Caspian Sea in the Republic of Dagestan.

Current operations:

The Middle Sedyelskoe (MS) production license contains a gas field of the same name discovered in 2007. The field is currently in pilot production and the company is working on developing the field to commercial production.

The Suskinaelskoe production license includes a gas field discovered in 2009 and is presently being assessed for further development.

The West Ukhtinskoe is an exploration and production license located between the well-known Yarega heavy oil field and Chibyu light oil field. Development options for this block are currently being reviewed and evaluated.

In Dagestan and through one of its subsidiaries, Araca has ownership stakes in both the Izerbash (670 km2) and Sulak (610 km2) exploration blocks. Both blocks are under review and assessment for further development.

Araca is continuing to develop both its producing and prospective exploration licenses, as well as evaluating other growth opportunities, primarily in the CIS and MENA region.

Latest news

16.10.2018 - Results of the Extraordinary General Meeting held 16th of October 2018

The 16th October 2018 an Extraordinary General Meeting was held in Araca Energy ASA, at Bryggetorget 3, 0250 Oslo, Norway.

All the resolutions proposed were passed.

 

08.10.2018 - Araca is targeting in-organic growth

Following a period with strong focus on internal improvements to operations and company structure Araca is now entering into a phase where it also is actively looking for acquisition opportunities to grow the company further. The most relevant targets are quality late stage development or producing onshore oil & gas assets with low committed capital expenditure. Araca is also open to owning the right assets in a partnership structure and may also evaluate related oil & gas business if accretive to its shareholders.

 

Interested parties may contact:

 Harald Sætvedt

CEO

E-mail: hs@araca.no

Phone: +47 911 37 234

02.10.2018 - Summons convening an Extraordinary General Meeting on the 16th of October 2018

Araca Energy ASA summons all shareholders to an Extraordinary General Meeting of Shareholders to be held on the 16th of October 2018 at 11:00 a.m. (CET), at Felix Konferansesenter, Bryggetorget 3, 0250 Oslo, Norway.

 The summons has been sent to all registered shareholders 2nd of October 2018 in regular mail.