Exploration update

RNS Number:7688K
Baltic Oil Terminals Plc
20 October 2006

20 October 2006


                      Baltic Oil Terminals PLC ("Baltic")

High definition 2D seismic and gas seismotomography results for the Privolny
                     licence block, Kurgan, Western Siberia

Baltic Oil Terminals PLC, which invests in oil related infrastructure projects
and upstream activities in Russia and the FSU, announces results from the high
definition 2D seismic on the northern section of its Privolny licence block and
the surface geochemistry (gas seismotomography) on all of its blocks in the
Kurgan region of Western Siberia, following the receipt by Baltic of a Seismic
Interpretation and Mapping Report by RPS Energy issued on 19 October 2006.

A total of 150 kilometres of new 2D seismic was shot on the Privolny licence
block and was processed and interpreted in the UK by RPS Energy. This is the
first block on which Baltic has focussed.

Highlights:

  * Two robust drilling prospects with a combined area of closure of 29
    square kilometres defined in the northern Privolny licence area. These lie
    beneath the geochemical anomalies identified in the gas seismotomography
    survey.

  * The Directors believe that the exploration risk on Privolny has been
    substantially reduced through the surface geochemical work.

  * A seismic survey is presently being shot in southern Mokrousovsky over
    further geochemical leads.

  * Multiple leads identified or mapped in the Petukhovsky, Orlovo-Pashkovsky
    and Lebyazhevsky blocks.

Simon Escott, CEO of Baltic, said:

"We are delighted to note that the conventional high definition 2D seismic just
completed has defined two robust drillable prospects in the north Privolny block
below the anomalies defined by the surface geochemistry. We are now determining
the best way to maximise the potential upside."

                                    - Ends -

For further information, please call:

Baltic Oil Terminals plc
Simon Escott 020 7667 6371
Robert Wilde 01908 547 920

Financial Dynamics 020 7831 3113
Billy Clegg
Ed Westropp


On 9 August 2006, Baltic announced that an extensive geochemical survey, a gas
seismotomography programme, on the Privolny and Mokrousovsky blocks of
Zauralneftegaz's exploration acreage in Kurgan, Western Siberia had identified a
number of well defined geochemical leads. As a result the Board commissioned a
high definition 2D seismic survey which was designed to investigate the
geological structure beneath various geochemical anomalies identified by the
geochemical survey.

A total of 150 kilometres of new 2D seismic was shot on the Privolny licence
block and was processed and interpreted in the UK by RPS Energy. Shooting,
processing and interpretation of 320 kilometres of new 2D seismic data on the
southern Mokrousovsky licence block is continuing and is expected to be
completed later this year.

In its report on the Privolny data, RPS Energy reported that two robust
prospects had been identified in the north of the Privolny licence area beneath
the surface geochemical anomaly which had been previously identified in the
geochemical survey. The Directors believe that the exploration risk on these
prospects has been substantially reduced through the surface geochemical work.
RPS Energy further reported that the two prospects, which it now considers to be
drillable, have a combined area of closure of approximately 29 square
kilometres. The Directors therefore believe that these prospects could be
significant.

The surface geochemical survey referred to above has continued since the
announcement on 9 August. The field work has now been concluded and
interpretation has been completed in respect of a further three blocks. The
interpretation has identified a strong geochemical anomaly in the
Orlovo-Pashkovsky licence block; in addition, two further strong geochemical
anomalies, which are still being interpreted, have been mapped in the
Petukhovsky and Lebyazhevsky blocks. The results of any exploration well drilled
on the Privolny block will have a substantial positive impact on the exploration
risk attached to the other licence blocks.


Simon Escott, CEO of Baltic, said:

"We are delighted to note that the new conventional high definition 2D seismic
has defined two robust drillable prospects in the north Privolny block below the
anomalies defined by the surface geochemistry. We are now determining the best
way to maximise the potential upside."

                                    - Ends -

The information in this report has been reviewed by Richard Taylor of Baltic,
who is a member of the Petroleum Exploration Society of Great Britain and has
more than 20 years relevant experience.

For further information, please call:

Baltic Oil Terminals PLC
Simon Escott 020 7667 6371
Robert Wilde 01908 547 920

Financial Dynamics 020 7831 3113
Billy Clegg
Ed Westropp

Notes to editors


Baltic's exploration activities in Kurgan are conducted through a 50 per cent
equity interest in Zauralneftegaz, which is licensed to explore for hydrocarbons
on seven licence blocks covering more than one million acres in the Kurgan
region of Western Siberia and which is under the board and operational control
of Baltic.



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

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