Victoria Oil & Gas, the oil and gas exploration and production company with a focus on the Former Soviet Union (FSU), has announced the following update with regards to the development of its wholly owned Kemerkol oil project in the Atyrau Oblast, Kazakhstan.
Victoria announced that drilling at Well 72 has been completed but the oil saturations were not sufficient for commercial production.
Tony Porter, CEO of Victoria Oil & Gas, said, “Our plans for the development of Kemerkol have not changed. We aim to increase both production and reserves by adhering to our exploration programme and we firmly believe that this is still achievable. The next well, Well 70, will be spudded in a matter of weeks and will target a promising new structure in the south of the licence block. Furthermore, with the completion of this well we will have sufficient data from all new wells to improve greatly our seismic model.”
