BMB Munai Receives Reserve Data on Kazakhstan Fields
|Thursday, May 20, 2004
BMB Munai has received a preliminary report on the results on 3D seismic data processing and interpretation from PGS-GIS Data Processing. The Company commissioned PGS-GIS in December 2003 after completing 3D seismic survey of the Company's Aksaz, Dolinnoe and Emir Fields (ADE Block) located in western Kazakhstan.
The preliminary report contains oil reserve estimates for the Company's Dolinnoe and Emir Fields. Reserves figures for the company's Aksaz field will be released at a later date. According to the PGS-GIS 3D preliminary report, Dolinnoe and Emir Oil field reserves are estimated as follows:
PGS-GIS Dolinnoe and Emir Oil Reserves Evaluation, 000' Bbl P1 P2 P1+P2 (Proven) (Probable) Proven + Probable Dolinnoe 26,655 42,454 69,109 Emir 15,847 19,257 35,104 -------------------------------------------------------------- Total 42,502 61,711 104,213
Dr. Alexandre Agaian, President and CEO of BMB Munai, Inc. stated, "The data obtained during 3D seismic is of a very high quality and resolution. The full detailed report will augment the information previously obtained from incomplete 2D seismic and geological data obtained from former Soviet geologists, which the Company used as the basis for engineering reports for ADE Block previously prepared by PGS, Gubkin Institute of Russia and McDaniel and Associates of Canada."
The full report is due to be released to the Company at the end of June, 2004. The complete report will cover more geological, technical and financial issues and will also contain Aksaz field reserves evaluation and ADE Block gas reserves evaluation. Dr. Agaian also said, "The report is expected to improve the Company's understanding of ADE Block geology for both Jurassic and Triassic formations and define more precisely pay zones and reservoir sizes and structures. The results of the data processing are expected to significantly improve location of drilling sites and reduce drilling risks."