Ownership will be 50-50 between TNK and the Magadan administration, which also promised to grant TNK right of the first refusal in a tender for offshore oil and gas exploration blocks to be launched in the coming few months. Magadan claims offshore crude reserves of 3650-7300 million tonnes and some 13 trillion cubic meters of gas. TNK has also made progress in solving tax overhangs and finding credit. The information contained herewith is based on information made available to the public and is for information purposes only. Information sources are deemed reliable by RMG Securities, however RMG Securities abstains from any liabilities determined from the information herewith.
Analysis is based on dated market information and is subject to change.