Enterprise increases investment in company exploring Siberia

UK independent Enterprise Oil PLC Wednesday reported it had enlarged its interest in US-domiciled Khanty Mansiysk Oil Corp. (KMOC) to an 18.6% shareholding by investing $21.4 million in a $40 million private placement in the company last month. The new investment comes on top of Enterprise's initial investments in KMOC, made in September 1999 and March 2000, and brings the total outlay to some $53 million.

Dec. 13, 2000

LONDON�UK independent Enterprise Oil PLC Wednesday reported it had enlarged its interest in US-domiciled Khanty Mansiysk Oil Corp. (KMOC) to an 18.6% shareholding by investing $21.4 million in a $40 million private placement in the company that closed last month.

The new investment comes on top of Enterprise's initial investments in KMOC, made in September 1999 and March 2000, and brings the total outlay to some $53 million.

Following the most recent investment, Enterprise also acquired an additional package of KMOC securities worth $3 million from an existing investor.

KMOC holds production licences in 10 fields in the Khanty-Mansiysk region of western Siberia. Enterprise Chief Executive Pierre Jungels said the new investment was "consistent with [the company's] strategy of a measured exposure to Russia, and, in particular, the prolific West Siberia Basin."