KMG EP Announces Exploration Results At The Rozhkovskoye Field

KMG EP Announces Exploration Results At The Rozhkovskoye Field

Astana, 7 November 2016. JSC KazMunaiGas Exploration Production (“KMG EP” or the “Company”) announces the results of an exploratory appraisal well at the Rozhkovskoye field, located in the Fedorovsky block.

During testing of the lower formation of Tournaisian reservoir in the exploration well U-25, drilled in 2016, inflow of gas and condensate was obtained at the interval of 4,418-4,430 meters with an average flow rate of 111,000 m3/day and 245 m3/day respectively on 11 mm choke. Taking into account that the tested formation is structurally below the currently known gas water contact, conditionally accepted following the results of the previously drilled exploration wells, hydrocarbon resources are expected to increase not only due to further exploration, but also due to update of the area of the remaining category С1 resources. Testing of upper, main gas-bearing formation of Tournaisian reservoir will continue after testing of the lower formation is completed.

Notes to Editors

KMG EP is among the top three Kazakh oil producers. The overall production in 2015 was 12.4 million tonnes (251 kbopd) of crude oil, including the Company’s share in Kazgermunai, CCEL and PKI. The Company’s volume of proved and probable reserves excluding shares in the associates, at the end of 2015 was 193 million tonnes (1,409 mmbbl). The Company’s shares are listed on the Kazakhstan Stock Exchange and the GDRs are listed on The London Stock Exchange. The Company raised over US$2bn at its IPO in September 2006. 

The Fedorovsky block is located in the West Kazakhstan region near the city of Uralsk and in direct proximity of major producing fields. In 2011, KMG EP acquired a 50% stake in Ural Group Limited (UGL), which owns a 100% stake in Ural Oil and Gas LLP (UOG) and holds the exploration and production license for the Fedorovsky block. The contract for gas and condensate production at the Rozhkovskoye field was signed in April 2015 for a period of 25 years.

For further details please contact us at:

KMG EP. Investor Relations (+7 7172 97 5433)
Saken Shoshanov
e-mail:
ir@kmgep.kz 

KMG EP. Public Relations (+7 7172 97 78 87)
Bakdaulet Tolegen
e-mail:
pr@kmgep.kz 

 

Brunswick Group (+44 207 404 5959)

Carole Cable

e-mail: KMGEP@brunswickgroup.com

 

Bell Pottinger (+44 203 772 2500)
e-mail: KMGEP@bellpottinger.com

Gavin Davis
Henry Lerwill

 

Forward-looking statements

This document includes statements that are, or may be deemed to be, ”forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology including, but not limited to, the terms ”believes”, ”estimates”, ”anticipates”, ”expects”, ”intends”, ”may”, ”target”, ”will”, or ”should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They include, but are not limited to, statements regarding the Company’s intentions, beliefs and statements of current expectations concerning, amongst other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, potential acquisitions, strategies and as to the industries in which the Company operates. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may or may not occur. Forward-looking statements are not guarantees of future performance and the actual results of the Company’s operations, financial condition and liquidity and the development of the country and the industries in which the Company operates may differ materially from those described in, or suggested by, the forward-looking statements contained in this document. The Company does not intend, and does not assume any obligation, to update or revise any forward-looking statements or industry information set out in this document, whether as a result of new information, future events or otherwise. The Company does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved.

This information is provided by RNS
The company news service from the London Stock Exchange
Share