PGI, Fossil to Begin Drilling Kentucky Assets in Sept.

- PGI, Fossil to Begin Drilling Kentucky Assets in Sept.

Wednesday, August 24, 2011
PGI Energy Inc.

PGI through its joint venture with Fossil Energy as operator enters into E&P in Kentucky. PGI and Fossil will begin drilling in the beginning of September and will post videos and photos of the drilling activity. We expect to complete the proven wells within 90 days and begin receiving revenues. PGI Energy owns 40% of the project leases which was purchased for an undisclosed amount. PGI will receive 75% of the Net 80% NRI from the monthly production until payout of PGI contribution, and then drop to 50 Net WI. Specific details of the field will be posted to our company website. "We are excited to have closed on this asset purchase and look forward to receiving revenues from this production," said Robert Gandy, Senior Underwriter for PGI Energy.

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Kashagan's Second Phase Concept to Be Presented in Sept.

- Kashagan's Second Phase Concept to Be Presented in Sept.

Friday, June 17, 2011
Knight Ridder/Tribune Business News
by A. Maratov, Trend News Agency, Baku, Azerbaijan


The concept for the Kashagan Field's second phase of development will be revealed in September, according to Chairman of JSC National Company KazMunaiGaz Kairgeldy Kabyldin.

Kashagan is a major oil and gas field in Kazakhstan, located north of the Caspian Sea. Kashagan's geological reserves are estimated at 4.8 billion tons of oil, according to Kazakh geologists.

In the second half of 2010, the head of the KMG said that the terms of implementing the second phase of the Kashagan field may be postponed to 2018-2019. The delay will affect the start of the Caspian oil transportation system project.

As the Kazakh Oil and Gas Minister Sauat Mynbayev said earlier, the postponement of the second phase is due to high costs, which may be incurred by consortium participants. At the same time Mynbayev stressed that the discussions regarding postponement of the second phase will not affect the terms of commercial oil production at Kashagan.

The largest participants of the Kashagan project are currently the companies Eni, KMG Kashagan B.V., Total, ExxonMobil, and Royal Dutch Shell (winner of 16.81 percent of the consortium). Other participants are ConocoPhillips -- 8.4 percent and Inpex -- 7.56 percent.

Copyright (c) 22011, Trend News Agency, Baku, Azerbaijan

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