BMB Munai announced that Chapman Petroleum Engineering has completed an Evaluation of Prospective Resources of the Emir Oil, LLP Northwest Block territory. Resource assignment in the report was based principally on interpretation of recently completed 3D seismic studies in the Northwest Block territory.
The Resource Report, identifies four potential structures on the Northwest Block. Prospective resources of the four structures are estimated at 171 million barrels of oil on an un-risked basis and 51.3 million barrels of oil on a risked basis.
The Northwest Block territory is located to the north and west of the Company's initial exploration territory in the direction of the Caspian Sea. The territory extension was granted in October 2008 by an amendment to the Company's exploration contract. As a result of the territory extension, the exploration territory covered by the exploration contract increased from 460 square kilometers to a total of 850 square kilometers (approximately 210,114 acres).
Commenting on the Resource Report, Gamal Kulumbetov, BMB Munai CEO stated, "Expanding the resource base has always been one of the Company's objectives and being able to accomplish this in such close proximity to our current infrastructure is very beneficial." Mr. Kulumbetov continued by saying, "In addition, the Company will benefit from the reasonable minimum work program commitment that attends the territory extension and the time extension of the contract to January 13, 2013."
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