VOG.L Regulatory News (VOG)

21 Sep 2005 07:00

Victoria Oil & Gas PLC21 September 2005 21st September 2005 Victoria Oil & Gas plc Drilling Commenced at Tamdykol Oil Project, Kazakhstan • Drilling operations commence at Tamdykol oil licence in north-west Kazakhstan • Target depth of 1,000 metres expected to be reached within 21 days • Well test results anticipated in approximately 60 days Victoria Oil & Gas Plc ("Victoria") the AIM-quoted oil and gas developeroperating in the Former Soviet Union (tic:VOG), today announces that drillinghas commenced at its 90% owned Tamdykol oil project in Kazakhstan. Well 1E is the first of four exploratory wells to be drilled by NEK Service LLP("NEK"), a local oil company with whom Victoria signed a farm-out agreement forthe development of Tamdykol in June 2005. Under the terms of the agreement, NEKare required to fund the drilling of the four exploratory wells, together withall related geological work and construction of all necessary infrastructure. Target depth of 1,000 metres is expected to be reached within 21 days andpreliminary well test results are anticipated in November of this year. Theprimary target interval is in the "Tatar" horizon in the Upper Permian, withsecondary targets in both the Triassic and Jurassic post-salt sediments. Commenting today Executive Director William Kelleher said, "Operations atTamdykol are up and running with our new local partner and Victoria expectsfirst test results in November of this year. NEK has been in business in theregion for over 12 years and their coordinated effort with our technical teamhas already uncovered some exciting potential in the post-salt and sub-salthorizons at Tamdykol. By working closely with our partner Victoria been able tominimise the project risk and maximise the potential of an oil discovery." Tamdykol, a five square kilometre licence area in the post-salt depth region ofthe Emba oil and gas province of the Pre-Caspian basin, was acquired by Victoriafrom Celtic Resources Holdings Plc in August 2004. Prospect drilling on theSagiz Block of Emba, to which Tamdykol belongs, has so far yielded several oiland gas discoveries. Potential recoverable C3/D1 resources are estimated byVictoria at approximately 34 million barrels of oil beneath a sub-salt overhangin the post-salt and sub-salt depth intervals. Kevin Foo / George Donne Jamie Cumming / Tracy MackenzieVictoria Oil & Gas Plc Bell Lawrie+44 (0)207 921 8820 +44 (0)141 314 8103info@victoriaoilandgas.com +44 (0)141 314 8220 Leesa Peters/ Laurence ReadConduit PR+44 (0)207 618 8760+44 (0)7979 955 923 This information is provided by RNS The company news service from the London Stock Exchange