Baltic Oil Terminals PLC, which invests in oil related infrastructure projects
and upstream activities in Russia and the FSU, announces results from the high
definition 2D seismic on the northern section of its Privolny license block and
the surface geochemistry (gas seismotomography) on all of its blocks in the
Kurgan region of Western Siberia, following the receipt by Baltic of a Seismic
Interpretation and Mapping Report by RPS Energy issued on October 19, 2006.
A total of 150 kilometers of new 2D seismic was shot on the Privolny license
block and was processed and interpreted in the UK by RPS Energy. This is the
first block on which Baltic has focused.
- Two robust drilling prospects with a combined area of closure of 29
square kilometers defined in the northern Privolny license area. These lie
beneath the geochemical anomalies identified in the gas seismotomography
- The Directors believe that the exploration risk on Privolny has been
substantially reduced through the surface geochemical work.
- A seismic survey is presently being shot in southern Mokrousovsky over
further geochemical leads.
- Multiple leads identified or mapped in the Petukhovsky, Orlovo-Pashkovsky
and Lebyazhevsky blocks.
Simon Escott, CEO of Baltic, said:
"We are delighted to note that the conventional high definition 2D seismic just
completed has defined two robust drillable prospects in the north Privolny block
below the anomalies defined by the surface geochemistry. We are now determining
the best way to maximize the potential upside."
Baltic's exploration activities in Kurgan are conducted through a 50 percent
equity interest in Zauralneftegaz, which is licensed to explore for hydrocarbons
on seven license blocks covering more than one million acres in the Kurgan
region of Western Siberia and which is under the board and operational control