Nelson President, Baltabek Kuandykov, commented, "Nelson Resources continues one of the Caspian region's most ambitious field development programs. We have four drilling rigs and two workover rigs operating in KOA, with a fifth rig being set up on a new location in the Kozhasai field. KOA's operating wells have doubled this year from 14 to 29. In North Buzachi, we have moved quickly to act on the approval of an expanded work program for the field and have two drilling rigs and three workover rigs working there. Karakudukmunai has one drilling rig and one workover rig operating. These development programs are resulting in solid increases in production for the company."
At the end of September 2004, KOA had 28 producing and one injection well, North Buzachi had 40 producing and 2 injections wells, and Karakudukmunai had 47 producing and 6 injection wells in operation. Construction work is in process on additional processing facilities at both Alibekmola and North Buzachi fields to handle increased levels of production.
Nick Zana, Chairman and CEO of Nelson Resources, stated, "I am very pleased by our strong operational progress. We are also in a period of very high oil prices that has enabled us to conduct substantial development programs with low reliance on external financing. With the proceeds of the equity offering and admission to London's Alternative Investment Market completed in July of this year, Nelson is in a strong position to pursue its vision for continued growth and expansion."
Most Popular Articles