Victoria Oil & Gas Updates on Kemerkol Oil Project
Posted on: Friday, 2 November 2007, 09:00 CDT
UK-based Victoria Oil & Gas has said that it has completed drilling of exploration well 66, commenced pumping at wells 20 and 73 and commissioned a full geological and geotechnical review of its wholly-owned Kemerkol oil project in the Atyrau Oblast of Kazakhstan.
Well 66 was drilled to a total depth of 1,102 meters. Although oil saturations were found in the drill cuttings, the logs indicated that these saturations were not sufficient for commercial production.
Following discussions with the company's technical management, the board has decided to delay the spudding of the next well of this campaign until the seismic data is re-evaluated using the subsurface information obtained from the new drilling.
Tony Porter, CEO, said: "We have found oil in all the wells we have drilled, which shows that the source rock for hydrocarbon generation is present throughout the field. The challenge now is to concentrate further evaluations on trap and seal. The license block covers a large area of 65 square kilometers and still has significant potential for future discoveries."
Source: Datamonitor
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