The Munaily field is located in the Atyrau Oblast approximately 70 kilometres southeast of the town of Kulsary. The field was discovered in the 1940s and produced from 12 reservoirs in the Cretaceous through to the Triassic.
Caspian Sunrise acquired 58.41 per cent interest of the 0.67 square kilometres rehabilitation block in 2008 and funded two wells and one well re-entry. On completion of the Baverstock Merger the Company’s interest in Munaily will increase to 99.0%.
The field is capable of producing at the rate of 60 bopd. Sales of oil from Munaily are at export prices.
We have concluded an agreement with a Chinese company to re-enter up to 24 wells drilled during Soviet times with our Chinese partner bearing the drilling costs and any incremental production being split on a 50:50 basis. To date 4 wells have been re-entered but it is too earlier to predict with confidence how successful they will be.