BMB Reports Increase in Oil Reserves
BMB Munai, Inc. on Friday announced a summary of its annual evaluation of reserves prepared by reservoir consultant, Chapman Petroleum Engineering (Canada). The Chapman report discloses reserve increases over its prior annual report in P1 (Proven), 2P (Proven plus Probable) and 3P (Proven plus Probable plus Possible) of 11%, 24% and 18%, respectively.
Gamal Kulumbetov, BMB Chief Operating Officer stated:
"The increased reserves figures are attributable to oil flow stimulation efforts with the existing well stock on the ADE block and successful drilling results on the Kariman field in the extended territory acquired in 2004.
"We intend to concentrate our drilling efforts in the Kariman and Dolinnoe fields where our most successful wells have been drilled, with the aim of increasing production and thereby our internally generated cash flows. We will then pursue drilling exploratory wells on the Borly and Yessen structures, the two remaining structures on the extended territory, near the end of fiscal year 2008 and continuing into fiscal year 2009."
The breakout of the updated reserves is as follows:
Reserve Category Oil Gas Barrels of Oil (Mbbls) (MMscf) Equivalent (Mbbls) P1 (Proved) 15,281 0 15,281 2P (Proved plus Probable) 114,984 110,224 133,358 3P (Proved plus Probable plus Possible) 193,451 184,248 224,159
The Company also announced the filing of its Annual Report on Form 10-K for the fiscal year ended March 31, 2007. The annual report and additional details of the Chapman reserve evaluation report can be accessed on the Company website www.bmbmunai.com.
Recapping achievements of the last year, Askar Tashtitov, BMB Munai President, noted that during the past fiscal year the Company has achieved a significant number of important performance milestones including:
BMB Munai is an independent oil and gas company engaged in the exploration, development and production of crude oil and natural gas in western Kazakhstan. The Company maintains administrative offices in Salt Lake City, Utah and Almaty, Kazakhstan.
- BMB Munai Sells Operating Subsidiary (Feb 15)
- BMB Munai Pumps First Oil at Kariman Well (Nov 11)
- BMB Munai IDs Structures at Northwest Block (Jul 26)
Company: Chapman Petroleum Engineers more info
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