Kazakhstan North Ustyurt exploration basin Report

Asset Report 17 April 2019

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Report summary

Only a handful of discoveries have been made to date in Kazakhstan's North Ustyurt basin. These discoveries have been in two plays; the Jurassic Oil play in the west and the Tertiary Gas play in the east. Due to the modest yet-to-find resources in both plays and challenging fiscal terms, the basin offers limited potential for value creation. Total entered the basin in 2012 and was later joined by Maersk. However wells drilled in 2015 targeting the Jurassic Oil and Tertiary Gas plays were unsuccessful and both companies exited in 2016.

Key issues include:
Wells drilled and success rates
Volumes discovered
- Play creaming curve and key play data
Prospective resource costs and underlying development assumptions
Licensing
Fiscal terms
TYP and outlook economics
- Prospect economics
- Jurassic Oil
- Expected monetary value (EMV)
Full cycle basin economics