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KMG EP confirms new discovery in Rozhkovskoye field

ASTANA, Kazakhstan -- KazMunaiGas Exploration Production Joint Stock Company (KMG EP) reported a new discovery in the Bashkirian tier’s sediments of the Carboniferous period in the Rozhkovskoye field.

Inflow of light dry crude oil and gas with maximum flow rates of 1.9 kboed and 6 MMscfd, respectively, with 24/64 in. (9.5 mm) choke, was produced while carrying out tests in reservoirs of the Bashkirian period at the U-24 well drilled in 2013 in the northeast wing of the field. Previous exploration at this part of the field targeted hydrocarbons in the Bobrikovskiy and Tournaisian horizons.

Oil reserves of the new discovery have not been included in Miller & Lents’s 2013 year end reserve assessments. Positive test results from the new Bashkirian deposit increase the prospects of growing the field’s reserves. A quantitative evaluation of reserve growth will occur following the results of further exploration.

Abat Nurseitov, CEO of KMG EP said: “The discovery of Bashkirian deposit on Fyodorovskiy block confirms the high potential of this asset. This discovery is the result of consistent implementation of the planned exploration works focused on replacement and growth of the company’s resource base.”

According to technical audits carried out in accordance with international standards, KMG EP 2P liquids hydrocarbon reserves of Rozhkovskoye field increased from 5.4 mt in 2012 to 7.9 mt in 2013. Production at Rozhkovskoye field is due to commence in 2017.

Ural Group (UGL) is exploring the Rozhkovskoye field, and holds a 100% stake in Ural Oil and Gas (UOG) which owns the exploration license for the Fyodorovskiy block in the Zelenovsk district of Western Kazakhstan, 70 km east of Uralsk city. In 2011, KMG EP acquired a 50% stake in Ural Group (UGL) from Exploration Venture Ltd. (EVL).

05/14/2014

 

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