The planned total depth is 1,500 meters targeting Jurassic and Cretaceous reservoirs. Currently, drilling has reached a depth of 603 meters and is expected to be complete by the end of February.
Galaz is also planning to spud the NK-24 well in early February with planned total depth of 1,500 meters targeting Jurassic and Cretaceous reservoirs. Importantly, NK-24 will be the first well to be located on the Galaz extension area.
The Galaz block is located in the Kyzylorda Oblast in central Kazakhstan. The Contract Area was extended on 10 January 2011 to 179 square kilometres and now includes significant exploration upside on the east side of the Karatau fault system, as well as the NW Konys development.
Pilot production commenced on 19 January 2012 following approval of the NW Konys Pilot Production Plan from the Ministry of Oil and Gas, with emissions and flaring permits received from the relevant authorities.
The Operator of Galaz is LGI, the Korean multi-national, which has invested $34.4 million by way of loans into the project and paid a further $15.6 million in return for 40 per cent of the asset. A total of 30 square kilometres 3D seismic has been acquired and processed.
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