PAN Pan European Terminals

RNS Number:8153D
Baltic Oil Terminals Plc
31 May 2006


31 May 2006

                      Baltic Oil Terminals PLC ("Baltic")

                                 Market update


Baltic Oil Terminals PLC, which was established in 2004 to invest in oil related
infrastructure projects and upstream activities in Russia and the FSU and was
admitted to trading on AIM on 27th April 2006 having raised approximately #23
million, is pleased to provide the market with an update.


Zauralneftegaz Limited ("Zauralneftegaz")


In the admission document issued on 20 April 2006 in connection with the placing
and admission to AIM of Baltic, the Directors stated that they expected the
results of five exploration and production licence applications by
Zauralneftegaz, in which Baltic owns a 50 per cent equity interest and is the
operator, to be announced by the end of May 2006. The applications relate to
various blocks in the Kurgan region of Western Siberia in Russia.


The Directors are pleased to announce that the applications for the first two
licences, each of a 25 year term, in the South Voskresensky block and the
Petukhovsky block were successful.


These new blocks are located in the eastern part of the existing licence areas
of Zauralneftegaz and have a surface area of approximately 335,000 acres. The
technical review of the existing "legacy" data will commence immediately upon
formal confirmation by the Ministry of Natural Resources of the award, which is
expected within twenty days.


The Directors now expect the decision in respect of the Lebyazhevsky licence
block application to be announced by 16th June 2006 and the decisions in respect
of the Mikhailovsky and Pichuginsky blocks to be announced in the fourth quarter
of this year.


Tetoil Limited ("Tetoil") - The Tetoil transhipment terminal


The Directors are also pleased to announce that Tetoil, in which Baltic owns a
58.35 per cent equity interest, continues to make very good progress in the
design and construction of its new oil export transhipment terminal in
Kaliningrad.


The Project Director and Tetoil General Director have appointed an experienced
full time Russian Project Engineer to the project in order to expedite the
approval and turn round of documentation and drawings in Kaliningrad and Moscow.


In accordance with the Directors' statement set out in the admission document,
they continue to expect that detailed engineering and construction drawings will
be completed in June 2006 and that construction will commence in July 2006.
Accordingly, the Directors continue to expect that loading onto vessels will
commence during January 2007 and that capacity of 240,000 tonnes per month will
be reached by October 2007.

                                    - Ends -


Enquiries


Baltic Oil Terminals PLC                             020 7667 6371

Simon Escott, Chief Executive

Robert Wilde, Finance Director


Arden Partners Limited                               020 7398 1636

Chris Fielding


Financial Dynamics                                   020 7831 3113

Billy Clegg

                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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