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https://www.reuters.com/article/victoriaoil-idUKBNG13678320090424
Addition of Reserves
The licence area has proven C1 category reserves of 8.7 million barrels of oil,
however, C2 reserves have been increased almost 250 per cent to 26.3 million
barrels. Furthermore, the expanded licence area also holds an additional 25.1
million barrels of C3 category reserves.
Reserve Category Original Licence Area Enlarged Licence Area
C1 8.7 Mmbbl 8.7 Mmbbl
C2 7.8 Mmbbl 26.3 Mmbbl
C3 - 25.1 Mmbbl
Total 16.4 Mmbbl 60.1 Mmbbl
Development and Production
The Kemerkol project in the Atyrau Oblast of north-west Kazakhstan has three
productive wells at depths of 1,100 to 1,400 metres, which have tested combined
production of up to 200 barrels of oil per day, although this production is
currently shut in. First production is anticipated for the beginning of next
year and Victoria is aiming to build output to a targeted daily rate of 1,000
barrels of oil per day within Q1 2006.
Through re-entry of these existing wells and with further drilling, the Company
believes that it will achieve the project's initial targeted production level of
4,400 barrels per day within three years of the start of operations. The Company
believes this targeted production level may be increased, following a planned 3D
seismic survey of the expanded licence area.
8 March 2006
First Oil Production from Kemerkol Oil Project, Kazakhstan
• First oil production achieved following re-entry of Well 20 at
Kemerkol oil project in Kazakhstan
• Further re-entry and drilling operations continuing on schedule with
target production level of 4,400 barrels of oil per day planned within
three years
The Board of Victoria Oil & Gas Plc ('Victoria' or 'the Company'), the oil and
gas development company focused in the Former Soviet Union, today announces
first oil production from its wholly owned Kemerkol oil project in the Atyrau
Oblast of Kazakhstan.
First oil production has been achieved at Well 20 following successful re-entry
and re-completion operations. At present, the well is producing 202 barrels of
oil per day from perforations in the Triassic horizon (between depth intervals
of 1,185 metres - 1,194 metres) with no water and only trace gas. At the time of
this announcement, cumulative production was approximately 545 barrels and the
well will be closely monitored over the next few weeks to ensure production rate
stabilisation.
Re-entry and re-completion operations on further shut-in wells are also on
schedule and at an advanced stage. Production from these wells will be
supplemented during the year with the drilling of new wells and production
levels of 1,800 barrels per day by the end of 2006 and 4,400 barrels per day
within three years are targeted.
17 October 2005
35 Million Barrels of Oil Reserves Secured Following Kemerkol Transaction,
Kazakhstan
• Kemerkol Oil Project, Kazakhstan - Total proven C1 category reserves of 8.7
million barrels of oil and probable C2 reserves of 26.3 million barrels
• Transaction completed for under US$2 per barrel of proven C1 reserves
• Licence area increased from 12 to 65 square kilometres - no increase in
Minimum Work Programme
• First oil production expected early 2006
Victoria Oil & Gas Plc ('Victoria' or 'the Company'), the AIM-quoted oil and gas
development company focused on the Former Soviet Union, today announces that it
has secured 35 million barrels of C1 and C2 category oil reserves with the first
completion of the transaction for the Kemerkol subsurface rights contract in
Kazakhstan. Development of the project will now commence and first production
from Kemerkol is targeted for the beginning of 2006.
Total reserves for Kemerkol are now estimated at 60.1 million barrels of oil,
compared to 16.4 million barrels as reported in February for the original
licence area. The 450 per cent enlargement in license area from 12 to 65 square
kilometres has been successfully negotiated after consultation with the Kazakh
Ministry of Energy and Mineral Resources by Victoria without adjustment to the
original Minimum Work Programme.
21 February 2005
Acquisition of the Kemerkol Oil Field in Kazakhstan for US$8.5 million
• Proven C1 category reserves of 8.7 million barrels of oil and C2 category reserves of 7.8 million barrels.
• Total purchase price of US$8.5 million in cash and shares.
• Current shut-in production of up to 200 barrels per day to be increased to 1,000 barrels per day by end 2005 with
first production targeted within 90 days.
• Overall target production of 4,400 barrels per day within three years through further development.
Victoria Oil & Gas Plc ('VOG' or 'the Company') today announces that it has agreed to acquire from Saga Creek Gold
Limited 100 per cent of its exploration and production licence for the Kemerkol oil project (Blocks I and II) in
north-west Kazakhstan.
Kemerkol lies in the Atyrau Oblast of Western Kazakhstan approximately 200 kilometres from the north-eastern coast of
the Caspian Sea and close to a number of existing producing oil and gas fields. The Company has calculated the
project's total recoverable oil reserves under Russian C1 and C2 standards at 16.4 million barrels (2.3 million
tonnes), with C1 reserves of 8.7 million barrels (1.1 million tonnes).
Kemerkol has three productive wells at depths of 1,100 to 1,400 metres, which tested combined production of up to 200
barrels of oil per day, although this production is currently shut in. Through re-entering these existing wells and
through further drilling the Company believes that it can achieve the project's target production of 4,400 barrels per
day within three years. First production is targeted within 90 days and the Company believes that 1,000 barrels per day
can be achieved within 2005. The Minimum Work Programme requires further 2D seismic data and drilling of 14 new wells
over a six year period.