Zhaikmunai completes acquisition of three oil fields in Kazakhstan

Oil&Gas Materials 6 March 2013 13:20 (UTC +04:00)

Azerbaijan, Baku, March 6 / Trend E. Kosolapova/

Zhaikmunai LP, the oil and gas exploration and production enterprise with assets in north-western Kazakhstan has acquired legal ownership of the subsoil rights related to three oil and gas fields (Rostoshinskoye, Darinskoye and Yuzhno-Gremyachenskoye) in Kazakhstan, the company reported.

These three oil and gas fields are located in the pre-Caspian basin to the north-west of Uralsk, approximately 60 - 120 kilometres respectively from the Chinarevskoye field which is the company's current main producing asset.

Zhaikmunai signed Asset Purchase Agreements to acquire a total share of the subsoil use rights related to the fields for $16 million in August 2012.

In the fourth quarter of 2012, the Antimonopoly Agency as well as the Oil and Gas Ministry of the Republic of Kazakhstan provided their consent for the acquisition of all three fields.

On the March 1 2013 the ministry signed the respective supplementary agreements.
According to the reserves report prepared by Chapman, Independent Petroleum Consultants for 2007 and 2008, proven reserves for the three fields are estimated at 28 million barrels of oil equivalent, proven and probable reserves at 131 million barrels of oil equivalent and proven, probable plus possible reserves at 187 million barrels of oil equivalent.

Zhaikmunai is an independent oil and gas enterprise currently engaging in the exploration, development and production of oil and gas.