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Discovery of oilfield at Krasnoleninskiy Project
The Company has discovered an oilfield at Well No. 2 at its Krasnoleninskiy Project in Western Siberia. The volume of oil produced per day during testing from the J4 formation at the interval between 2,740 metres and 2,745 metres has been deemed commercial. Currently, testing of the J4 formation at this interval will continue and then the Company plans to file a notice of oilfield discovery with the relevant authority in Russia. The Company plans to give it the name “Yanlotskoye oilfield”.
Once the testing of the J4 formation has been completed, the Company will test other prospective intervals in Well No. 2. At Well No. 1 at its Krasnoleninskiy Project, an extensive testing programme continues to test all prospective intervals. In April 2011, the Company announced the spudding of Well No. 1 and Well No. 2 at its Krasnoleninskiy Project, which comprises a 75% equity interest in the exploration rights to four blocks in Western Siberia.
The four blocks cover a total area of 1,467 km² and are located in the Khanty-Mansiysk Region in Western Siberia, the largest oil-producing region of Russia. The four licence blocks have been extensively surveyed by 1,450 kilometres of closely spaced 2D seismic, which identified more than thirty prospects, including five “superstructures”. Within these superstructures, there are a number of potential reservoirs, ranging in age from Palaeozoic to Cretaceous, stacked upon each other, offering the potential of multiple producing zones in a single well.
In a report to evaluate the hydrocarbon resource potential dated 12 May 2011, Ryder Scott CompanyCanada (“Ryder Scott”), an independent oil and gas consultant, estimated the unrisked prospective (undiscovered recoverable) resources of the four blocks at 169 (Low Estimate), 260 (Best Estimate) and 385 (High Estimate) million barrels. Based on the undiscovered unrisked resource estimates and scoping type resource economic evaluation reports from Ryder Scott and the recent oil discoveries in Well No. 1 and Well No. 2, the Company believes that the Krasnoleninskiy Project has significant exploration potential.
During the first half of 2011, Well No. 1 and Well No. 2 were drilled in two of the Company’s four licence blocks at the Krasnoleninskiy Project. Two further wells, in the remaining two licence blocks, are planned to be drilled during the winter of 2011/2012.
Signing of MOU to acquire a further exploration project in Siberia
The Company has signed a memorandum of understanding to acquire 75% of the shares in OOO VostokNefteGaz (“Acquisition”), a company that owns an exploration licence in the Tomsk region of Western Siberia (“Tomsk Exploration Licence”). The consideration for the Acquisition is the issue of 6,666,667 shares in International Petroleum (“IOP Shares”) and a commitment to fund all of the exploration work in order to fulfil the minimum work
programme as stipulated in the Tomsk Exploration Licence. The 6,666,667 IOP Shares will be subject to escrow until the earlier of:
a) a commercial discovery has been made in the Tomsk Exploration Licence;
b) OOO VostokNefteGaz acquires an oil-producing asset in the Tomsk region of Russia; or
c) a period of five years from the date of the Acquisition.
Completion of the Acquisition is subject to due diligence to the satisfaction of the Company and the execution of a full form agreement in respect of the Acquisition.
Drilling of Well A-8 at the Kazakhstan Project has reached Target Depth
The Company has reached the final depth of 2,019 metres at Well A-8 of its Kazakhstan Project. Currently, well logging data is being evaluated and drill stem testing of prospective intervals is being carried out. Well A-8 is the fourth well to be drilled in the licence area of the Kazakhstan Project and is located in the Almaty Province of eastern Kazakhstan, near the border with China. Artesian wells in the area are associated with oil seeps and films of oil, proving the Alakol Basin has generated hydrocarbons. Seismic data indicates that potential Jurassic and Triassic reservoirs are present as tratigraphic traps on the flanks of Paleozoic-age volcanic intrusions or basement highs. In a report to evaluate the hydrocarbon resource potential dated 6 June 2011, Ryder Scott estimated the unrisked prospective (undiscovered recoverable) resources at 935 (Low Estimate), 1,379 (Best Estimate) and 1,980 (High Estimate) million barrels
Based on the undiscovered unrisked resource estimates from Ryder Scott, the Company believes that the Kazakhstan Project has the massive exploration potential of 1.4 billion barrels (Best Estimate).
Chris Hopkinson, International Petroleum CEO said “This is the first oilfield discovered by the Company and we expect to build on this success with further discoveries when other prospective intervals in Well No. 1 and Well No. 2 have been tested. The potential reserves in the Krasnoleninskiy Project will underpin the value of the company, while there is plenty of exploration upside from the Company’s existing projects in Western Siberia and Kazakhstan.