Karak International to develop oil shale projects

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Karak International to develop oil shale projects




KI is a UK corporation-- MS, Tarsandsworld.com

Amman, Feb. 15 (Petra) -- Jordan Energy and Mining Ltd (JEML) and Karak International Company have completed an interim fund raising through a rights issue underwritten by Sentient Group funds, taking the group's stake in the JEML to 58 per cent.

The two companies announced appointment of Ben McKeown of Sentient as Chairman of JEML and Paul Gullery as board member. Chris Nurse has been appointed Chief Executive and Eng. Munther Akroush has been appointed as Chairman of Karak International Oil, the Jordanian operating subsidiary.

In a press release, a copy of which was obtained by Petra, Chris Nurse said: "We are very pleased that Sentient has demonstrated its continued confidence in Karak as a leading player in the oil shale sector in the Hashemite Kingdom of Jordan. The production of liquid hydrocarbons from indigenous resources will create employment and greatly benefit the balance of payments and economy of Jordan." Karak International holds a concession over 35 km2 of the Lajjun deposit that contains approximately 300 million barrels of oil with a stripping ratio averaging 1:1. Production is planned to increase progressively to 38,000 barrels per day.

Karak also has a Memorandum of Understanding under which it is exploring a further 32 km2 area of oil shale at Al Nadiyya.