| Energy
and Petroleum, Kazakhstan
1.95 % equity interest
Polo invested CA$4,125,000 in Equus Petroleum, a Kazakhstan
energy and petroleum company that operates oil and gas exploration
and production activities in Central Kazakhstan through its
Kazakh subsidiary Kumkol Trans Service LLP.
Equus is developing the Sarybulak oilfield, located within
its 498-square kilometre licence in the oil producing South
Turguay Basin, Central Kazakhstan. Sarybulak has been in operation
since 2008 under a Pilot Production Licence, a component of
the Exploration Licence, with all production to date being
sold into the domestic market.
Equus has constructed a central processing facility in the
field and is commissioning a gas processing plant and gas
fired power plant. Production for the first half of 2013 averaged
approximately 6,000 bopd under natural flow conditions, and
is currently running at approximately 8,000 bopd. An eight
well exploration drilling programme is underway, with a number
of wells now undergoing testing. Equus has received approval
for a two-year extension to its Exploration Licence to allow
further evaluation of the discoveries made to date. The company
expects to submit applications for full Production and Export
licences in 2014. The 2014 capital investment programme includes
the construction of an export pipeline and expansion of the
gas processing facilities to allow uninterrupted deliveries
to export sales markets.
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