SOL TO HOLD MEETING OF OPERATING COMPANY SHAREHOLDERS
The Operating Company (РћC) Salyan Oil Limited (SOL) will hold sitting of its shareholders in October in Baku, in which issues of the OC activities on the contract area вЂњKyursangi-GarabagliвЂќ for 2006 will be discussed.
At the shareholdersвЂ™ meeting the issue of the Salyan Oil budget for 2006 and the number of wells supposed to be drilled in the next year will be particularly discussed, the State Oil Company of Azerbaijan (SOCAR), a participant of the project told Trend .
According to the SOCAR spokesman, Salyan Oil plans to complete the Work Program development on вЂњKyursangi-GarabagliвЂќ in November 2005.
Salyan Oil spent over $35 million from the planned $47 million for the project on exploration and development of вЂњKyursangi -GarabagliвЂќ in the current year.
The SOCAR spokesman noted, at present drilling of two wells is conducted on the contract area: the last, obligatory exploration well and the production well. В"The Salyan Oil contractor finished drilling of the exploration well by 50% and practically accomplished drilling of
the production well, which at the first stage will be the water-injection wellвЂќ, SOCAR pointed out. The design depth of the exploration well is 4400 meters, of the production one is some 3500 meters.
The SOCAR spokesman also noted this year Salyan Oil will hardly be able to accomplish drilling of some other wells on its contract area. В"Too little time left till the year-end, and much work is to be done on the current wellsвЂќ, the SOCAR spokesman said. The contractor of Salyan Oil on drilling wells is Chinese Great Wall Drilling.
Geological reserves of the вЂњKyursangi- GarabagliвЂќ oil field are 100 million tons of oil, the oil extracting factor is some 0,2-0,3. The blockвЂ™s potentially extracted reserves are 25 million tons of crude. The field is exploited by only 20% todate. The wells stock of Salyan Oil on August 2005 was 242 wells.