AGR is assisting Karpinsky Oil and Gas (KOGC) in the development of a promising oil and gas license blocks the Oslo based company controls in the Karpinsky Ridge Basin in the Rostov Oblast.
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 4,958km². Operating in the area since 2006, KOGC has been the front-runner in exploration of the Karpinsky Ridge Basin, which lies between the Black Sea and Caspian Sea.
KOGC plans to launch a drilling programme next year and is looking to attract a financial and/or industrial partner as it progresses with the project.
Erik Lorange, Exploration Manager of AGR, said: “New and improved seismic technology has revealed large and promising structures in the area. We look forward to continuing to work with KOGC and other partners that take the opportunity to become involved in this project as it moves forward into its next phase.”
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