Welcome to this somewhat dormant but hopefully soon to come to life board, Razor, and thanks for teaching me how to spell Kazakhstan which looks like it could be a real juicy plum for us AIPN holders:
<<<NEW YORK--(BUSINESS WIRE)--May 12, 1997--
Independent estimates of potential recoverable reserves exceed
450 million barrels from 6 structures; 10 additional structures are
being evaluated
American International Petroleum Corp. (NASDAQ:NMS - news) announced today it has signed an Agreement with a
German based company, MED Shipping & Trading S.A. (MED) for the purchase of a 70 percent working interest in a 4.7
million acre concession in Kazakhstan for an undisclosed amount of stock and cash. The License Area is located in western
Kazakhstan about 125 miles Southeast of Chevron's multi-billion barrel Tengiz Oil field and the Caspian Sea. The Area is
bordered to the South by Elf Aquitaines' License, and to the West by both Oryx/Exxon License and AMOCO License.
Preliminary evaluation by the company's independent petroleum engineering consulting firm indicates that potential
recoverable reserves from 6 structures, located in the western half of the License, could be as much as 458,000,000 barrels
from Jurassic Age sandstones. Ten additional structures have been identified in the License Area, but have not yet been
evaluated.
Regional seismic on the eastern half of the License Area indicates additional structures, the largest of which measures about
50 Kms in length. The Kazakhstan Government drilled one well in this structure to the top of the feature, which blew out
with gas and condensate such that no additional evaluation was possible from the well. The company believes that this
structure, whose potential reserves are not yet estimated, could provide the largest potential deposit in the License Area.
The company is continuing its evaluation of the area and will expand its evaluation program with the release of additional
data from the government.
The area is conducive to providing various sales options for any commercial oil or gas discovery from the License site since
there are several oil and gas pipelines which cross the area. The existing infrastructure permits rapid development of any
commercial production and more importantly provide flexibility in securing acceptable sales markets. Production can be sold
North to Russia, Finland and the Atyrau Refinery, and/or South through the Caspian Sea port at Aktau for export abroad.>>>
PS: I'm sure we'd very much appreciate Tad Wallis' perspective. |
