Charvak Project
The existence of oil in shallow sandstone and conglomerate reservoirs at Charvak has been established by exploration drilling. Although the flow rates are low (<10bopd), wells are inexpensive and could be economic at higher oil prices.
Deeper prospects have been identified by a seismic survey completed in mid-2009.
The Charvak licence surrounds three small excised oil and gas fields:
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Changyrtash - (9 sq km excision) recoverable 13.0 million barrels (MMbbl) of oil, production to date 11.8MMbbl of oil;
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Chigirchik - (4 sq km excision) recoverable <1 MMbbl oil, 2.0 billion cubic feet (Bcf) of gas; and
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Suzak - (3 sq km excision) 15 Bcf gas.
In the productive Changytrash Field, oil is found at shallow depths (300-800m) in two pay zones within the Paleogene: Bed III (sandstone) and Bed V (limestone).