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SRAK received the approval from the Saudi Ministry of Petroleum and Mineral Resources

November 16/2011

(Arabian oil and gas) -- The South Rub Al-Khali Company Limited (SRAK) is pleased to announce that it has received the approval of Kidan area appraisal plan from the Saudi Ministry of Petroleum and Mineral Resources on the 20th of September 2011. As a result of this approval, SRAK will be drilling up to three appraisal wells and conducting extensive studies aimed at further defining development concepts for the field. The venture has committed to completing the appraisal of Kidan area by end 2013.


SRAK successfully concluded its First Exploration Period and embarked on the Second Exploration Period as of July 26, 2010 in its Contract Area in the Rub Al Khali, Kingdom of Saudi Arabia. The Company also completed its commitment for the First Exploration Period in May 2010, which included the drilling of seven exploration wells, the acquisition of approximately 25,000km2 of 2D seismic data, and 750km2 of 3D seismic data.


Perspectives of development of polymer markets, pricing issues and other important aspects will be discussed at The Polymers Summit-2011, which will be held in Moscow on November 30, 2011 at the Ritz Carlton Hotel. The Summit will be organized by MRC with the support of ICIS. The main idea of the Summit is to find a "the golden mean" between producers and converters. When producers receive exactly such margin of production, which helps them to invest in production expansion in order to substitute polymers imports, and the converters receive such price of feedstock that helps them to compete imported finished products. The Summit site gives an access to the live video of the Summit, speakers" presentations, as well as opportunities to ask questions or make appointments to any Summit partcipant.


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