Caspian hits pay in Kazakhstan

The US-listed independent said the West Zhagabulak field “may contain significant quantities of recoverable oil” after it finished drilling at Well 316.

The well was drilled to 4950 metres with an aggregate of 184.8 metres of net pay hit in numerous zones.

"Having drilled and logged Well 316, we've encountered a considerable number of porous reservoir rocks, which may contain oil,” said Yerbolat Kulumbetov, director general of Aral Petroleum Capital, the operating entity in Kazakhstan.

"KT-I and KT-II carbonate zones, similar to oil bearing formations in East Zhagabulak, were encountered within the 316 well at West Zhagabulak.”

A total of 22 horizons have been found within these zones which will be grouped into four zones to be individually perforated, acid treated and tested for oil flow.

Caspian president and chief executive William Ramsay said testing could begin by the end of March.

“If successful, this well will be ranked as a significant new discovery - with the potential to more than double our reserves in Kazakhstan", Ramsay said.

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