24th May 2007 07:01
Victoria Oil & Gas PLC24 May 2007 Victoria Oil & Gas Plc 24 May 2007 Test Results Exceed Expectations for Well 73 at Kemerkol Oil Project, Kazakhstan • Initial flow response of 450 barrels per day on 12 millimetre choke, significantly more than initial expectations• Three oil-bearing intervals intersected with a combined gross thickness of 30 metres• Drill rig on site at new target Well 62 The Board of Victoria Oil & Gas Plc ("Victoria" or "the Company")(AIM:VOG), theoil and gas development company focused on the Former Soviet Union, todayannounces better than expected test results from Well 73 at its wholly ownedKemerkol oil project in the Atyrau Oblast of Kazakhstan. The first of a new six well development programme at Kemerkol, Well 73 wassuccessfully drilled to a depth of 1,250 metres penetrating the Triassicformation updip of Well 20. The well intersected three oil-bearing intervalsbetween depths of 1,169 - 1,208 metres with a combined gross thickness of over30 metres. The intervals flowed oil at a rate of 450 barrels per day with no water and onlytraces of gas from a 20 metre perforation interval on a 12 millimetre choke.During the flow period for the pressure build-up survey, the well produced 440barrels per day at a reduced choke size of seven millimetres. The choke willremain at this reduced size during an initial production period of four to sixweeks, after which it can be enlarged to optimise oil output. Meanwhile the drilling rig has been mobilised to the site of the next well, 62,on the eastern side of the licence block. The eastern side was not mapped indetail by the previous 2D seismic survey, but the Company's own 3D survey hasrevealed a number of potential targets. The workover of Well 20 has been completed, but the Company is awaiting thenecessary permits to be issued by the relevant Kazakh authorities before testproduction can recommence. Tony Porter, CEO of Victoria Oil & Gas, said today, "Well 73 has exceeded ourexpectations and given us the perfect start to our development campaign forKemerkol. We had anticipated a flow rate close to that of Well 20's originalproduction level, but instead it is significantly higher. I should also pointout that we are still not at the crest of the formation. We are almost ready tobegin drilling of Well 62, our next target on the other side of the licenceblock. This area had not previously been explored in as much depth and a goodresult could be very significant for Kemerkol and Victoria." For further information please contact: Kevin Foo / George Donne Ed Portman / Charlie GellerVictoria Oil & Gas Plc Conduit PR+44 (0)207 921 8820 +44 (0)207 429 6666 +44 (0) 7733 363 501Toby Hayward/Jack PrydeJefferies International+44 (0)207 618 3500 The information in this release has been reviewed by Gerd Fabel, SPE, who is aqualified person for the purposes of the AIM Guidance Note for Mining, Oil andGas Companies. Mr. Fabel is Head of Exploration at Victoria Oil & Gas Plc andis qualified as a petroleum engineer with over 25 years experience in oil andgas exploration and production. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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