General Update
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The Board confirms that as part of the process to achieve separate 25 year production licences at the Airshagyl and Yelemes Deep structures it has agreed with the Kazakh authorities to extend the previous appraisal licence for up to a further 12 months.
This will allow time for the completion and review of the supporting licence upgrade applications, including the independent reserves assessment already completed for the Airshagyl structure and the equivalent assessment at the Yelemes Deep structure, which is awaiting the outcome of testing at Deep Well 803.
Deep Well 803, which was drilled on the Yelemes Deep structure and where oil was detected over a 60 meter interval between depths of 3,360 and 3,420 meters, has initially tested at around the 500 bopd level. Further testing will be conducted once the licence extensions referred to above are in place.
Proposed disposal of the MJF & South Yelemes structures
Further to the RNS dated 18 July 2024, the board notes that the exclusivity period ended on 31 August 2024. A further announcement on the proposed sale of the MJF & South Yelemes structures will be made in due course.
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