Sequa Petroleum’s initial investment was the acquisition of 75% of the Aksai subsoil use contract in Western Kazakhstan, with an option to acquire the remaining 25% interest, purchased from Bolz LLP. The investment is held by Sequa Petroleum’s subsidiary, Sequa Petroleum Kazakhstan LLP. Sequa Petroleum Kazakhstan has recruited a highly experienced team of oil and gas professionals to manage this programme from the company’s country office in Almaty, Kazakhstan.
The Aksai contract area surrounds the giant Karachaganak oil and gas field, which began production in 1984. Following completion of the acquisition in February 2014, Sequa Petroleum drilled an exploration well in the Aksai contract area to fulfil the work programme obligations. This well is located 500m from the licence boundary of the Karachaganak field.
Recently acquired seismic data is being interpreted to further evaluate well results, other key opportunities and options for the Aksai contract area:
- Extension(s) of the Karachaganak field into Aksai acreage
- Deeper reservoir layers with significant hydrocarbon volumes
- Further exploration potential around Karachaganak
The licence has been extended until July 2018 to continue appraisal and exploration activity.