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Zhaikmunai Reserve Report
Zhaikmunai Reserve Report.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n RNS Number : 0372E Zhaikmunai LP 23 September 2008 \n \n23 September 2008\n\n\nZHAIKMUNAI L.P.\nReserve Report Announcement\n\nZhaikmunai L.P. (LSE: ZKM) ('Zhaikmunai'), the oil and gas exploration, development and production enterprise, today announces the results of an independent reserves evaluation of its Chinarevskoye field in northwestern Kazakhstan as at 1 July 2008. The reserve report was carried out by the independent petroleum consultants Ryder Scott Company, L.P. ('Ryder Scott').\n\nHighlights\n\n\n\nProved plus probable gross reserves (2P) increased by 35% to 535 million barrels of oil equivalent ('mmboe') (1 July 2007: 397 mmboe)\n\n\n\n\nPossible gross reserves increase of 55% to 556 mmboe (1 July 2007: 359 mmboe)\n\n\n\n\nProved plus probable plus possible (3P) gross reserves estimate now exceeds 1 billion boe, at 1,091 mmboe (1 July 2007:756 mmboe)\n\n\n\n\nFinding costs remain below US$1 per boe\n\n\nCommenting on the 2008 Reserve Report, Kai Kessel, CEO, said:\n\n'The reserve report underlines the huge potential of the Chinarevskoye field and validates our continued exclusive focus on this asset. Our 3P reserves have for the first time reached and risen above 1 billion barrels of oil equivalent, and finding costs for 2P reserves are significantly below $1 per BOE. During the next few weeks, Zhaikmunai will prepare a new business plan, taking the new 2P reserves into account, as a basis for our future drilling programme and facility design.'\n\nThe Ryder Scott reserves report estimates that Zhaikmunai has the following gross reserves:\n\n\n\n\n\n\nCategory\n\n\n1 July 2007\n\n\n1 July 2008\n\n\n\n\n \n\n\nmmboe\n\n\nmmboe\n\n\n\n\nProved\n\n\n137\n\n\n133\n\n\n\n\nProbable\n\n\n260\n\n\n402\n\n\n\n\nProved plus probable (2P)\n\n\n397\n\n\n535\n\n\n\n\nPossible reserves\n\n\n359\n\n\n556\n\n\n\n\nProved plus probable plus possible reserves (3P)\n\n\n756\n\n\n1,091\n\n\n\n\n\n\nBased on successful implementation of Zhaikmunai's 2007/08 exploration drilling programme, 2P reserves have increased by almost 35% in comparison wit...