LUKSAR Energy Issues 2005 Results

The board of LUKSAR Energy, a joint-venture between LUKOIL Overseas (80 percent) and Saudi Aramco (20 percent), recently approved the 2005 results of the company's operational and economic activities.

Azat Shamsuarov, chairman of LUKSAR's board and senior vice president of LUKOIL Overseas, said that all key planned indicators of the company’s work program were met and were under budget. The total area of the contracted gas Block A is 29,900 square kilometers. The block is located in the Rub al-Khali desert in Saudi Arabia's Eastern Province.

Field seismic surveys were conducted, and a total of 5845 square kilometers of seismic data were processed (1750 square kilometers of 2D data, 755 square kilometers of 3D data, and 3340 square kilometers of 3D sparse data). Of this total, 2936 square kilometers of this data were interpreted. In addition, 8219 square kilometers of historical seismic data were interpreted and reprocessed. LUKSAR contracted with WesternGeco, CGG, Beisip Franlab, and Bashneftegeophysics to process and interpret the data.

According to LUKSAR, the Block A drilling site was prepared and 109 kilometers of access road were repaired. The ompany mobilized the rig on December 30 and began drilling the first exploration well on January 25. The target depth of the well, which is being drilled in the dome of the Tukhman structure of Block A, is approximately 5,000 meters. Pool Arabia, a unit of Nabors Drilling International, is the rig owner and Schlumberger is the integrated service contractor.

Drilling of the first well should conclude in October. At that time, LUKSAR plans to begin drilling the second well at the Malayha structure in the northern part of Block.

LUKSAR's board will again meet in September to approve the budget and 2007 work program.

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