Transmeridian Exploration Inc., Houston, secured a $30 million credit line from Turan Alem Bank to develop its South Alibek field in the eastern PreCaspian basin.Transmeridian will use the funds to drill 7 wells, install a central production facility, build a 70-km pipeline to the Emba rail terminal, and refurbish the terminal.The company planned to spud the SA-2 well and test two new intervals in the SA-1 well in early July. With two drilling rigs and one completion rig, Transmeridian hopes to have completed three wells by yearend 2003 and continuous drilling through 2004.Transmeridian's proved reserves at yearend 2002 were 17.1 million bbl in South Alibek, separated from giant Alibe...

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