International Petroleum: Acquisition of New Exploration Licence, The Yanchinsky Project
International Petroleum Limited, an oil and gas exploration and production company with assets in Russia and Kazakhstan, is pleased to announce that its wholly-owned subsidiary company, Yuzhno-Sardakovskoye LLC, has acquired a 100% ownership interest in an exploration licence over the Yanchinsky block for the geological study of subsoil and prospecting for oil and gas in the Nizhnevartovsk region of the Khanty-Mansiysk Autonomous District in Western Siberia (the “Yanchinsky Project”).
Approximately 13 km south of the centre of the Licence area lies a hard-top highway, leading to the central production facility of the Zapadno-Mogutlorsky licence area. Approximately 80 km to the west is the Surgut-Noyabrsk railway, approximately 24 km to the west lies the route of the main oil pipeline «Povkhovsky-Pokachi-Uryevskie», and approximately 67 km to the west lies the route of the main gas pipeline «Urengoy-Chelyabinsk».
The Licence borders the southern border of the Yuzhno-Sardakovsky licence block (the “YS Licence”), which is also owned by Yuzhno-Sardakovskoye LLC. According to the interpretation of the results of the 3D seismic of the YS Licence, the southern part of the Achimov deposits extends beyond the YS Licence into the northern part of the Licence area.
Additionally, adjacent to the Licence area, to the south-west, is the Mogutlorsky field, where oil is extracted from the U1 reservoir. According to the 2D seismic carried out in 1992-1993 in the Licence area, a local raised structure in the south of the Licence area was observed with prospects of deposits in U1 of Jurassic age.
Recoverable oil reserves calculated for the site by VNIGNI (All-Russian Geological Research and Development Oil Institute) amount to 2.5 million tonnes.
Once wells have been drilled in the Licence area, commercial flows are expected from the reservoirs of Ach1, Ach2 Megion, U11 of the Vasyugansky formation, as well as U2 of the Tyumen formation, similar to the producing reservoirs in the adjacent Yuzhno-Sardakovsky field and Zapadno-Mogutlorsky field.
Commenting on the acquisition of the Yanchinsky Project, Chris Hopkinson, International Petroleum CEO said, “With producing reservoirs in adjacent fields to the north and to the south of the Licence and the interpretation of the results of the 3D seismic of the YS Licence indicating that the southern part of the Achimov deposits extend beyond the YS Licence into the northern part of the Licence area, the Yanchinsky Project is a welcome addition to the Company’s portfolio”.