Oleh: Emir Zainul
KUALA LUMPUR (Jan 2): Reach Energy Bhd said the Kariman 15 (K-15) vertical exploration well at its Emir-Oil concession block in Kazakhstan was spud on Sunday.
The group said it is targeting an identified highly graded hydrocarbon trap in close proximity to the northwest flank of the Kariman field.
“It is expected that this well will confirm a larger extent of the hydrocarbon resources that can be exploited in the Kariman field,” Reach Energy said in a filing with Bursa Malaysia today.
"Due to its location being strategically placed in close proximity to both the Kariman and North Kariman fields, the expected success of this well will further validate our current understanding that Kariman and North Kariman fields are geologically integrated as one extensive hydrocarbon bearing structure.
"This will significantly boost our ongoing efforts to merge the Kariman and North Kariman fields under one single commercial production licence," the group added.
Reach Energy said the target total depth of the well is 4,150 metres and the total drilling duration is expected to be 120 days.
Reach Energy’s share price fell 2.5 sen or 8.47% to 27 sen today, for a market capitalisation of RM296.03 million.