Gulf Oil and Gas accountACCOUNT

Reach Energy Makes New Oil Discovery at North Kariman-3

Source: www.gulfoilandgas.com 12/4/2018, Location: Asia

Reach Energy has announced that its exploration well, North Kariman-3 ('NK-3'), located in the North Kariman field in the onshore Emir Oil Concession Block in Kazakhstan, has yielded positive results during the initial testing phase. NK-3, which was spudded in early February this year, is the first of 6 wells committed under the current Exploration Contract with the Ministry of Energy, Kazakhstan.

The well penetrated the Mid-Triassic carbonate reservoirs, with a total True Vertical Depth Subsea ('TVDSS') of 4,140.66 metres. Moving forward, the Company is now proceeding to apply for a test production license to further ascertain the commercial viability of this well. Two shallower intervals will be perforated in the future once the test production of the aforementioned interval is completed. The Company expects an increase in value of the well in terms of commerciality and contribution to overall reserves and production if the well yields positive results.

'We are happy to announce another discovery after Yessen-3. This development further highlights the vast exploration upsides that the Emir-Oil Concession Block has. Not only that, we have also discovered that reservoir pressure from the NK-3 well was determined to be relatively high as compared to surrounding wells. This suggests that NK-3 would be a highly productive well once we commence production,' said Ir. Shahul Hamid bin Mohd Ismail, Chief Executive Officer of Reach Energy Berhad.

He added, 'We are reaping the benefits of strategic planning of exploration wells, as we have prioritised high ‘chance of success’ wells that can be swiftly linked into our existing production network and contribute to our revenue stream in the near term. The NK-3 well certainly fit the bill, as its relatively close proximity to the Kariman field would allow for a seamless integration into commercial production once we obtain the Production License for the North Kariman field. This process is ongoing and proceeding as planned, as we expect to obtain the North Kariman Production License in 2019.'

Currently, Emir-Oil’s 2P reserves stand at 81 million barrels of oil equivalent ('mmboe') which is subject to an update early next year by its reserves auditor, Gaffney, Cline and Associates ('GCA').

Exploration News in Kazakhstan >>

Georgia >>  3/20/2019 - Block Energy Plc, the exploration and production company focused on the Republic of Georgia, reports that Total Drilled Depth ('TDD') has been reached...
Norway >>  3/19/2019 - The Norwegian Petroleum Directorate reports that, Aker BP, operator of production licence PL 869, has concluded the drilling of wildcat well 24/9-14 S...

Israel >>  3/14/2019 - Israel’s offshore oil and gas licensing auction will go ahead as planned in June regardless of the outcome of the country’s upcoming general elections...
Angola >>  3/13/2019 - Eni announces a major oil discovery in Block 15/06, in the Agogo exploration prospect, in Angola’s deep water. The new discovery is estimated to conta...

Ecuador >>  3/12/2019 - Gran Tierra Energy Inc. is pleased to announce that, based on preliminary results, the Company has made a new-country entry into Ecuador through the s...
Ecuador >>  3/12/2019 - Ecuador has received bids from six oil companies for seven little-explored oil blocs with potentially high reserves, but investment in the area may be...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Kazakhstan Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 |

Oil & Gas Projects in Kazakhstan >>

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.