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Group Development

Group Development

2015

  • Aim to complete VM#3 and VM#4 wells on Vostochny Makarovskoye field.
  • Design work on LPG (propane/butane) extraction unit at the gas plant.
  • Significantly higher rates of production taxes imposed since 1 January 2015.

2014

  • Production in 2014 averaged 4,224 barrels of oil equivalent per day.
  • Strong financial performanceand maiden dividend paid to shareholders.
  • Commenced drilling VM#3 well on Vostochny Makarovskoye field.
  • Evaluation of potential LPG (propane/butane) extraction unit at the gas plant.

2013

  • Gas plant upgrade advanced and thrpughput doubled in November to 0.5 million cubic metres per day.
  • Successful workover on VM#1 increases total group production capacity to over 5,000 boe/d
  • Exploration inventory updated to include new oil prospects in the Karpenskiy licence area.

2012

  • Production commenced from the Vostochny Makarovskoye field
  • Completion of Stages I and II of the upgrade project to the Dobrinskoye gas processing plant
  • Successful sidetracks to the Dobrinskoye wells #22 and #26
  • Successful workover of well #30 on the Vostochny Makarovskoye field
  • Miller & Lents reserve report prepared under SPE standards: 44.0 mmboe of 2P reserves and NPV value of future net revenue of $301 million.

2011

  • Acquisition of OOO Gazneftedobycha bringing ownership of the Dobrinskoye gas/condensate field and the Dobrinskoye gas processing plant
  • Successful long term testing of development wells VM #1 and VM #2 on the Vostochny Makarovskoye field