Silk Energy Obtains Approval from the Ministry of Energy of the Republic of Kazakhstan

Source: www.gulfoilandgas.com 8/31/2020, Location: Asia

Silk Energy Limited has received approval from the Ministry of Energy of the Republic of Kazakhstan (the "Government Approval") for the transfer of ownership of UnionField Group ("UnionField") to the Company's wholly-owned Norwegian subsidiary, Silk Energy AS ("Silk AS").

The Government Approval was received following delays caused by the global pandemic related to COVID-19 that resulted also in a State of Emergency being declared in Kazakhstan commencing in March 2020 and various stages of quarantine that followed.

The Government Approval (No 04-11/13533/14113) allows the Company to now focus on completing all necessary steps toward listing on the Canadian Securities Exchange and the London Stock Exchange.

The first drilling target after listing will be the Salken Prospect to the East of the 6,500 square kilometre license area. In the Competent Persons Report completed by McDaniel & Associates, they ascribed Salken with mean unrisked prospective resources of 66.432 million barrels, a low case of 10 million barrels and a high case of 145 million barrels.


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