Today Roxi Petroleum has announced that it has received approval from the State Geological Committee of Kazakhstan for the re-dermination of the reserves of the Galaz field.
The total 2C reserves to GOST standards are 14.6 million barrels of oil (mmbo), with C1 at 7.2mmbo and C2 at 7.4mmbo. Roxi's share of these barrels would be 43.4% or 6.34mmbo
This is somewhat lower than many had hoped for, and below the numbers announced on the Dae Han website last week.
However, this news is tempered by the fact that a new exploration well, NK22, has been spudded on the Galaz block by KazRosMunai LLP targeting the Arksum and Upper Jurassic sands at around 2,200m and some 6km away from the NW Konys field. The prior expectation set with the announcement on 4 November was for this exploration well to be drilled in 2Q10.
It also seems strange that KazRosMunai are drilling this well, as previously there was talk of selling all or part of Galaz to LG of Korea or another party. It remains to be seen whether this deal will now go ahead or whether the farm-in deal with KazRosMunai will now continue to its second stage.
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