Onshore Production, Redevelopment and Exploration
Envoi has been commissioned by a listed independent to assist in its search for a partner to participate in the progressive exploration and exploitation of several majority owned and operated Licences located in the proven / producing -inter-montagne fairway of an independent Central Asian country, last exploited by the Russians in the 1990s. The fairway is estimated to contain over 4 billion barrels, of which 75% remains undiscovered.
The Licences cover a combined area of 3,000+ km2 and contain proven Mesozoic and Cenozoic stratigraphy with prolific source rocks (generating gas and oil between 30˚ to 42˚API gravity), stacked reservoir sands and carbonates and locally competent interbedded seals, as well as a thick regional seals across the basin.
Three drill-ready prospects have so far been defined on the existing 2D data with combined estimated prospective resources of 550+ MMboe. The Licences also include some existing production of around 250 boed, comprising 60% oil and 40% gas, which could be increased significantly with investment of US$ 50 million in field redevelopment, modern maintenance technology and new equipment.
Envoi’s client is looking for a partner willing to commit in the very near term to fund one exploration well in the next 12 months to secure one of the Licences. The well is planned for early 2017 to test one of the primary closures down-dip from an existing field at an estimated cost of US$ 25 million. Such exploration commitment would unlock participation in the other acreage, including the existing production and the significant redevelopment upside.