The key highlights from the Competent Person's report are as follows:
-- Risked mean prospective resources of 250 million barrels of oil equivalent ("boe"); and -- Unrisked mean prospective resources of approximately 1.1 billion boe, with unrisked P10 resources of 2.3 billion boe and P90 resources of 147 million boe.
The technical data utilized in the Ryder Scott review of the Kuzbak prospect included fourteen additional 2D seismic profiles shot across the southern portion of Block E during the first quarter of 2007. Five of the new lines were pre-stacked depth migrated to improve the sub-salt imaging of the structure. The report was prepared by Ryder Scott in accordance with the standards of the Society of Petroleum Engineers.
Jim Jeffs, Executive Chairman, commented:
"The Ryder Scott Kuzbak update was the result of extensive analysis of new and reprocessed seismic data, which further validates the prospectivity of our acreage. We are delighted to be working with Ryder Scott developing our many prospects across our extensive asset base in the Pre-Caspian Basin."
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