During 2006, all of the company's licences were surveyed by Exotrad, one of the world's leading providers of passive seismic and sub-surface oil and gas surveys. Significant geochemical anomalies were identified in five of the seven licences held, suggesting the possible presence of hydrocarbon structures. South Mokrousovsky is the second anomaly to surveyed using conventional 2D seismic, over which 339 km of new seismic has been shot.
In their report, RPS identified five key seismic horizons that have been mapped in Mokrousovsky. One prospect has been identified in the south west of the block and the structure, which has a maximum aerial closure of approximately 72 sq kms, extends outside of the licence area, with an area of closure of approximately 52 sq kms inside the licence area. However, the surface geochemical anomaly lies over the northeastern flank of this structure and is within the licence area. A drilling location has been identified and recommended by RPS.
Baltic's directors believe that the ongoing coincidence of the structures identified by the seismic with the geochemical anomalies mapped by Exotrad is extremely encouraging. Furthermore, Baltic's seismic database, consisting of both legacy data and newly obtained results, now totals over 3,000 kilometers on the area and is steadily growing. As the Company acquires more knowledge, including geochemical data and well passports, the risk associated with this type of exploration should decrease.
Baltic's first well, Privolny-1, is due to spud imminently. The results of the Privolny well should provide Baltic with further information, following which the ongoing drilling program will be determined.
Simon Escott, CEO of Baltic, said:
"The fact that a very significant sub-surface structure has been identified in south Mokrousovsky is extremely positive news. As with the nearby Privolny block, this drillable prospect correlates with the independent geochemical anomaly mapped last year and this in itself is significant. We continue to work closely with RPS in determining the optimal way to maximise any potential upside, particularly in view of the Privolny-1 well that should provide invaluable new data in the coming weeks."
Baltic Oil Terminals is an infrastructure company with several oil terminal businesses in Kaliningrad, Russia. The Group has an extensive operational program and is targeting capacity of 800,000 tonnes per month by 2009. In addition to its infrastructure activities, Baltic is also the operator for exploration licences in the Kurgan region of Western Siberia, Russia and plans, through its 50% subsidiary Zauralneftegaz, to drill up to four wells, initially on its Privolny licence block.
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