PetroKazakhstan Inc. - Exploration Success on the Kolzhan License
11 Julio 2005 - 9:01AM
PR Newswire (US)
PetroKazakhstan Inc. - Exploration Success on the Kolzhan License
CALGARY, July 11 /PRNewswire-FirstCall/ -- PetroKazakhstan Inc.
(the "Company") is pleased to report the results of its 2005
exploration drilling campaign on the Kolzhan license. Three out of
the four wells drilled this year on the license have been
successful, encountering and testing oil. The Kolzhan license is
adjacent to the Northern margin of the Kyzylkia field, which is
currently being developed. Two exploration wells encountered 2.6
metres and 9.4 metres of net pay and produced 250 bopd and 700 bopd
respectively in the Cretaceous formation, a well-established oil
bearing horizon in the South Turgai basin. Of more significant
importance are the results from the most recent well, KK-43 drilled
into a previously untested basement formation at a total depth of
1,576 metres. The well encountered 262 metres of carbonate
formation with at least 10.2 metres of net pay. Initial testing has
resulted in flow rates of 120 bopd. Further well stimulation
operations, typically applied in fractured carbonate reservoirs
such as acid fraccing, will be conducted along with additional
production testing. These wells have established the presence of a
significant new dual reservoir field, separate from the Northern
part of the Kyzylkia field but close to main Kyzylkia production
facilities. Mike Azancot, Senior VP, Exploration and Production,
commenting on these discoveries said; "We are very excited by the
results of this Kolzhan drilling campaign, particularly well KK-43
which confirms our belief that there is significant reserves
potential within the Pre-Mesozoic Basement section. It is very
encouraging that we have been so successful with our first test in
this section. We will now plan to drill an additional three to six
wells in this area before the end of the year. With this successful
test, we are reviewing a number of other Pre-Mesozoic Basement
opportunities throughout our extensive prospect portfolio. These
successful wells illustrate PetroKazakhstan's ability to
continually apply modern exploration concepts to develop new plays
and prospects and to add reserves through exploration."
PetroKazakhstan Inc. is a vertically integrated, international
energy company, celebrating its eighth year of operations in the
Republic of Kazakhstan. The Company is engaged in the acquisition,
exploration, development and production of oil and gas, the
refining of crude oil and the sale of oil and refined products.
PetroKazakhstan shares trade in the United States on the New York
Stock Exchange, in Canada on The Toronto Stock Exchange, in the
United Kingdom on the London Stock Exchange and in Germany on the
Frankfurt Exchange under the symbol PKZ. As of December 27, 2004,
PetroKazakhstan shares began trading on the Kazakhstan exchange
under the symbol CA_PKZ. The Company's website can be accessed at
http://www.petrokazakhstan.com/. The Toronto Stock Exchange has
neither approved nor disapproved the information contained herein.
DATASOURCE: PetroKazakhstan Inc. CONTACT: Ihor P. Wasylkiw, Vice
President Investor Relations, (403) 221-8658, (403) 383-2234
(cell); Jeffrey D. Auld, Vice President, Treasurer, + 44 (1753)
410-020, + 44 79-00-891-538 (cell)
Copyright