The Oslo-based international E&P company says the latest seismic studies carried out on a number of leads in the area indicate substantial potential, with estimated total prospective resources of over 10.0 billion BOE on the license fields.
KOGC is now looking to attract a financial and/or industrial partner as it progresses with the project with the aim of launching the drilling programme in 2017.
Tom Haugen, KOGC’s CEO, said: “The conclusions drawn from the seismic work indicate substantial exploration and production potential, with numerous large structures to be further evaluated and drilled.
“Our first priority is to finalise seismic work and processing on the most promising leads in order to identify optimal spots for drilling of exploration wells. The drilling programme is planned to be launched in 2017 and finalised in 2018.
“Given the estimated potential we have already established for the area, we are now actively seeking a financial and/or industrial partner as we move ahead into the next phase of this exciting and promising project.”
Operating in the area since 2006, KOGC has been the front-runner in exploration of the Karpinsky Ridge Basin, which lies between the Black Sea and Caspian Sea.
KOGC is the majority shareholder in CJSC Rostneftegaz Geo (RNGG) which holds 100% of the Gashunsky and North Donskoy license blocks, covering an area of 4,958km². Oil and gas has been discovered and produced south-east and north-west of the licences and in the nearby Donbass basin.
Global oil and gas service and software company AGR acts as technical partner to KOGC in the Karpinsky prospect development.
Erik Lorange, Exploration Manager of AGR, said: “New and improved seismic technology has revealed large and promising structures in the area.
“We look forward to continuing to work with KOGC and other partners that take the opportunity to become involved in this project as it moves forward into its next phase.”