Crown Energy Purchase Of Tigris Oil.

Crown Energy AB, in which Comtrack is a minority shareholder, has acquired 100 per cent of Tigris Oil i Sverige (Tigris Oil). The consideration consists of 1,842,715 newly issued Crown Energy shares through a non-cash issue in which the issue price is SEK 8.00 per Crown Energy share.

In 2012, Tigris Oil signed a production sharing agreement (“PSC-agreement”) with the province of Salah Ad Din, located north of Baghdad in Iraq. The total area is 24,000 square kilometres, which for comparison is equivalent to about seven per cent of Sweden’s total land area. The licence area is estimated to have oil deposits containing more than 20 billion barrels.

Within the licence area there are several large commercial reservoirs where only limited production has occurred.