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Thursday, January 25, 2007

Saga takes full control of Promgeotek

19 January 2007 - Upstream onLine - Norway's Saga Oil has paid a final installment of $10 million to become the sole owner of Russian subsidiary Promgeotek and its Rodnikovsky licence. Saga said that well 102 on the licence is currently in a clean up phase and is shut-in as the company is establishing the reservoir properties. It added that well 106 is progressing towards its planned start of production.

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