Appraisal wells success in Chinarevskoye Field
London, 3 June 2008: Zhaikmunai L.P. (LSE: ZKM), an independent oil and gas enterprise operating in Northwestern Kazakhstan, is pleased to announce it has successfully tested the appraisal wells #31, #32 and #33 located in the Chinarevskoye Field. The Chinarevskoye Field is located in the Chinarevskoye License. Zhaikmunai LP holds a 100 percent contractor interest in the license.
The three wells were drilled at a multi-target location in the sparsely drilled southern (wells #31 and 32) and north-western part (well #33) of the Chinarevskoye license block. The wells encountered several potential pay zones in the Permian, Carboniferous and Devonian-age sections. The testing of the remaining potential pay zones will be part of a future appraisal programme after approval by the Kazakh Authorities.
Commenting on the news, Kai Uwe Kessel, CEO, said:
“These are encouraging test results which bear out our confidence in the field’s prospects. Chinarevskoye field is one of the largest oil producing regions in central Asia and we are in a privileged position to fully exploit its potential”.
Further enquiries
Zhaikmunai info@zhaikmunai.com
www.zhaikmunai.com
Brunswick
Michael Harrison +44 20 7404 5959
Carole Cable
Further information on wells #31, #32 and #33
The exploration well #31 discovered an oil accumulation in the southern part of the Chinarevskoye oil and gas condensate field in the Middle Devonian Famennian carbonate formation. The test flowed 0.9 million cubic feet (MMcf) of natural gas and 189 barrels of light oil per day. This is the first production test of the Famennian formation in the Chinarevskoye License area. The well tested 19m of Famennian pay on a 12-mm choke from perforations between 4,520 and 4,539 meters. The well test-flowed in a second test 5.6 million cubic feet (MMcf) of natural gas and 787.5 barrels of condensate per day from the Lower Carboniferous Tournaisian carbonate formation and confirmed the Chinarevskoye Southern Tournaisian discovery. The well #31 tested 34m of Tournaisian pay on a 12-mm choke from perforations between 4,340 and 4,374 meters.
The exploration well #32 discovered an oil accumulation in the southern part of the Chinarevskoye oil and gas condensate field in the Middle Devonian Mullinski clastic formation. The test flowed 1.2 million cubic feet (MMcf) of natural gas and 913.5 barrels of oil per day. The well #32 tested 5m of the Mullinski pay on a 7-mm choke from perforation interval 4,896-4,901 meters. Production logging indicates that the whole interval is productive.
The appraisal well #33 in the western part of the Chinarevskoye oil and gas condensate field test-flowed 1 million cubic feet (MMcf) of natural gas and 220.5 barrels of condensate per day. It confirmed and extended the Chinarevskoye Western Biski-Afoninski discovery. The well #33 tested the upper 22m of Afoninski and 25m of Biski pay on a 7-mm choke from perforations between 5,067 and 5,210 meters by production logging tool.
Forward-Looking Statements:
Some of the statements in this document are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of the Partnership or its officers with respect to various matters. When used in this document, the words “expects,” “believes,” “anticipates,” “plans,” “may,” “will,” “should” and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcomes to differ materially from those suggested by any such statements.
