Karpinsky Oil and Gas Co. (KOGC) has revealed plans to launch a drilling program next year in the oil and gas license blocks that it controls in the Karpinsky Ridge Basin in the Rostov Oblast, south of Russia.
The Oslo-based international exploration and production (E&P) company says that the latest seismic studies carried out on a number of leads in the area indicate potential, with estimated total prospective resources of over 10.0 billion BOE on the license fields.
KOGC is now looking to attract a financial and/or industrial partner as it progresses with the project with the aim of launching the drilling program in 2017. Operating in the area since 2006, KOGC has been the frontrunner in exploration of the Karpinsky Ridge Basin, which lies between the Black Sea and Caspian Sea.
KOGC is the majority shareholder in CJSC Rostneftegaz Geo (RNGG) which holds 100% of the Gashunsky and North Donskoy license blocks, covering an area of 4,958 square kilometers. Oil and gas has been discovered and produced southeast and northwest of the licenses and in the nearby Donbass Basin.
Global oil and gas service and software company AGR acts as technical partner to KOGC in the Karpinsky prospect development.