The Company has resumed drilling of its Ongar West No. 1 well. This well is currently at 1,340 m drilling towards a total planned depth of 1,600 m. The well will be logged, and immediately cased and tested should oil-pay be encountered. Based on these test results, two delineation wells will follow directly.
The Company is attempting to mobilize a rig to drill a well for the Zhengildy and Draimola structures it has targeted in this block. Spudding of these wells is subject to rig availability. The well for the Zhengildy structure will be drilled to a depth of 1,500 m and will investigate the Cretaceous and Jurassic formations. The well for the Draimola structure will be drilled to a depth of 1,600 m and will investigate the Cretaceous, Jurassic, and Triassic formations.
The Company has resumed drilling of its Karatal No. 30 well. This well is currently at a 185 m and drilling towards a total planned depth of 800 m. The Company is attempting to mobilize a rig to drill an offset to this location (well Karatal No. 31). This well will be drilled to a total depth of 800 m and is targeting the Cretaceous and Jurassic formations.
The Company is finalizing its seismic interpretation in order to place its first location in this block. Concurrently, the Company will re-enter offset existing wells to test the flow potential from the Cretaceous and Jurassic formations.
The Company is mobilizing a completion rig to re-enter Morskoe No. 1, and test a new Cretaceous Albian pool anticipated at 1,300 m. In addition, the Company will mobilize completion rig to re-enter Ogai No. 1, located in the Morskoe block, to test an additional Cretaceous Albian pool located at 1,200 m. These wells are anticipated to be re-completed and tested in February 2006.
The Company has resumed production from its Well No. 10, and 12 which are tied into an oil battery located at Well No. 10 at the pad from which these wells were drilled. The combined flow for these two wells will be maintained at a stabilized rate of approximately 3,500 bopd for the next 30 days to assess reservoir performance. Well No. 11 will be flow tested separately after Wells 10 and 12 are fully tested. Based on these test results, overall production will be adjusted in line with levels negotiated with the Kazakh authorities, where all three wells may be brought online to achieve higher effective flow rates.
"We are attempting to accelerate our exploration and development programs in-country on all of our blocks in order to significantly increase our reserves and production levels in the short term," stated Mr. Al Sehsuvaroglu, the Company's President and Chief Executive Officer.
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