VOG.L Regulatory News (VOG)

6 Aug 2007 07:01

Victoria Oil & Gas PLC06 August 2007 Aim Release6 August 2007 Victoria Oil & Gas Plc Drilling Update at Kemerkol Oil Project, Kazakhstan Victoria Oil & Gas Plc ("Victoria" or "the Company"), (AIM:VOG), the oil and gascompany focused on the Former Soviet Union, today announces that it hascompleted drilling of Well 72 at its wholly owned Kemerkol oil project in theAtyrau Oblast of Kazakhstan. The well was drilled to a total depth of 1,279 metres to further appraise theaerial extent of the producing reservoir in the western section of the licenceblock. The well location was determined using logs from Well 73, a producingwell drilled earlier this year and existing seismic data. The main markerhorizon (reflector) used for the seismic data interpretation was the TopTriassic, which was encountered in Well 73 approximately 90 metres above theproducing horizon. At Well 72 the Top Triassic was drilled 18 metres higher than in Well 73, asexpected, but the target horizon was encountered at 1,198 metres, almost 130metres below the Top Triassic due to an incursion of additional strata betweenthese two horizons. As these strata occurred below the main reflector, they werenot accurately determined on existing seismic maps. The target horizon wastherefore intersected below the oil / water contact and oil saturations in thishorizon are not sufficient for commercial production. Tony Porter, CEO of Victoria Oil & Gas, said today, "Our plans for thedevelopment of Kemerkol have not changed. We aim to increase both production andreserves by adhering to our exploration programme and we firmly believe thatthis is still achievable. The next well, Well 70, will be spudded in a matter ofweeks and will target a promising new structure in the south of the licenceblock. Furthermore, with the completion of this well we will have sufficientdata from all new wells to improve greatly our seismic model." For further information please contact: Kevin Foo / George Donne Jonathan Charles / Ed PortmanVictoria Oil & Gas Plc Conduit PR+44 (0)207 921 8820 +44 (0)207 429 6666 +44 (0) 7733 363 501Toby Hayward / Oliver GriffithsJefferies International+44 (0)207 618 3500 The information in this release has been reviewed by Gerd Fabel, SPE, who is aqualified person for the purposes of the AIM Guidance Note for Mining, Oil andGas Companies. Mr. Fabel is Head of Exploration at Victoria Oil & Gas Plc andis qualified as a petroleum engineer with over 25 years experience in oil andgas exploration and production. This information is provided by RNS The company news service from the London Stock Exchange