The Company intends to drill a well of approximately 1,600m to test the Jurassic and Triassic sediments located in the Ongar West Field in its Atyrau Block. The Company is currently constructing its drilling site, and intends to spud this well within the next 15 days.
"This is the first of many locations which we have identified with an extensive 2D and 3D seismic shoot we have conducted over the past 6 months on this Atyrau Block," stated Mr. Al Sehsuvaroglu, the Company's President and CEO.
The Company is continuing to shoot additional seismic across the Atyrau Block, and has received approval for this program from the Ministry of Energy and Minerals. In addition, the Company has been invited to discuss its 2006 work program with the relevant department to fine tune the various locations it intends to drill next year.
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