Overview
Victoria Oil & Gas Plc was listed on the AIM Stock Exchange in July 2004 with the strategy of utilising its business experience and technical knowledge to identify, acquire and exploit oil and gas opportunities in the FSU.
Following a major investment in January 2008 by a consortium of Middle-Eastern investors through Noor Petroleum Limited, the Company will be assisted in its development programmes by Blackwatch Petroleum Services Limited and GeoDynamics Research s.r.l.
The Company has built a total estimated C1+C2 category reserve base of 35 million barrels of oil and prospective resources of over 1.1 billion barrels of oil equivalent.
The 1,224 square kilometre West Medvezhye field is located in the West Siberian basin and lies in close proximity to some of the World’s largest gas and gas condensate fields. The licence for West Medvezhye is held by ZAO SeverGas-Invest (SGI), a wholly-owned subsidiary of Victoria.
Kemerkol lies in the Atyrau Oblast of Western Kazakhstan, close to a number of producing oil and gas fields. Victoria owns 100% of the 65 square kilometre Kemerkol licence which has oil reserves and resources of C1-8.7Mmbbl, C2-26.3 Mmbbl, C3-25.1 Mmbbl. First oil was produced from Kemerkol in early March 2006 and total production is currently around 300 – 400 barrels per day from two wells – Well 20 and Well 73.
During 2008 the Company, closely advised by Blackwatch and GeoDynamics, will look to enhance production and revenues from the Kemerkol oil field with a short-term target of 1,000 barrels of oil per day whilst further assessing the next drilling location at West Medvezhye Well 105
Victoria continues to seek further oil and gas opportunities as part of a policy of acquisitive growth.
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