9th September 2008
Friday, July 30th, 2010
Investors nervous as Petrolinvest drills deeper for oil
Petrolinvest, which is part of Ryszard Krauze's capital group, is intensively searching for oil in Kazakhstan, while shareholders are eager to see oil extraction begin and are reacting nervously to signals which place doubts on the strategy of the management board
According to the stock-listed firm, exploratory bore-holes confirm that deposits might reach 200-300 million barrels at OTG, while the whole potential might be as high as 960 million barrels according to McDaniel & Associates Consultants Ltd.
So far the firm drilled down to 6,750 meters and it is 150 meters short of its target, but according to sources there are some problems related to deep bores. "It is true that drilling at such depth is difficult and more expensive, but we have no information that there are any problems with pressure. It is worth mentioning that the best deposits of Kazakh oil can be found at this depth," said the CEO.
Sources: Puls Biznesu, Parkiet (M.M.)
From Warsaw Business Journal
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