Munaily
The Munaily field (0.69 km2) is located 60 kilometres from the town of Kulsary in the Atyrau oblast in Western Kazakhstan.
The field was extensively produced from the 1950’s to the 1990’s, when over 70 wells were drilled to produce 11mmbbls of oil from 12 stacked reservoirs in the Cretaceous Jurassic and Triassic succession. The field was re-licensed in 2004 under an exploration and production SSUC expiring in 2030.
Munaily Kazakhstan LLP, the operating subsidiary, (“Munaily”) drilled two wells in 2008, the first of which encountered an un-depleted reservoir which in Roxi’s opinion contains up to 1.1 million barrels of oil.
In 2010, Munaily obtained permission from the ministry of Energy and Mineral Resources(MEMR), to proceed to the production phase of the Contract, with exemption from the outstanding US$12 million exploration commitment. The company now holds a 25 year Commercial Production license.
The company now holds an indirect interest in Munaily of 58.41% and is actively looking to farm out an interest in this asset to help finance the ongoing development costs of this field.
