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Lucent have initiated a two well drilling programme, to confirm the Soviet discovery “Lebyazhye” and drill the South Prorva exploration prospect in the Northern part of the Block near the KMG Prorva Field.

Exploration phase strategy
  • Drill Lebyazhye well to confirm 50 million barrels of oil as proven recoverable reserves.
  • Drill South Prorva well to mature the prospect into a discovery  (60 mmbbls recoverable reserves – P50).  
  • Commence test production phase in 2012, dovetailing into commercial production phase to achieve uninterrupted production.
  • Secure extension of exploration period by another 2 years to 2013 as per subsurface contract terms.  
  • Evaluate potential IPO or strategic investment.
  • Explore further prospects, which could potentially hold up to 580 million barrels of recoverable resources.

License details
  • An exploration license GKI No 1517 (oil) dated September 30, 1998 was granted to Interoil LLP. The name of the licence holder was changed to Lucent Petroleum in April 2009.
  • Initial duration of the contract was 5 years, which was suspended due to force-majeure. In 2008, the licence was extended until 2011, with an option of 2+2 years after 2011.

Strong core team
  • Established  managers involved with several successful startups, including Maersk Oil and Max Petroleum in Kazakhstan.
  • Extensive industry experience of leading complex projects and managing multi-million barrel portfolios.
  • End to end in-house experience of planning, designing and implementing exploration and development plans in large organizations such as Maersk Oil, OMV, Max Petroleum, Dragon Oil, Caspian Gas Corporation and  Mangistaumunaigas.
  • Combined team experience of drilling over 500 wells, both vertical, directional and horizontal.
  • Familiar with the latest industry developments and efficiency enhancement techniques. Our team has performed numerous successful acid stimulation, hydraulic fracturing and acid wash jobs to enhance production.  
  • A multi-disciplined group of professionals, with a multi-disciplinary depth of experience in geology, drilling, operations, production and finance.