Victoria updates on Kazakhstan and Russian projects

Victoria Oil & Gas Plc, the AIM-quoted oil and gas exploration company focused on the Former Soviet Union, provides an update on West Medvezhye gas and gas condensate field in Western Siberia, Russia and Kemerkol oil project in the Atyrau Oblast of Kazakhstan.

The company said that the Russian Ministry of Natural Resources has issued a certificate confirming registration of a discovery at the West Med field for Well 103.

This certificate completes the requirements for conversion of the West Med exploration licence into its 20 year production phase.

Chairman, Kevin Foo, said this official certification confirms the recognition of Victoria’s successful fulfilment of its exploration licence obligations for West Med by the Russian authorities.

The initial work by the local geological institute has revealed some intriguing new potential close to Well 103 and so we look forward to GeoDynamics’ further appraisal.

Meanwhile, Victoria’s Kazakh subsidiary, Victoria Energy Central Asia LLP has temporarily suspended production from Kemerkol pending resolution of the legal claim against VECA.