By OGJ editors
HOUSTON, Mar. 21 -- Transmeridian Exploration Inc., Houston, reported 72.9 million bbl of net proved oil reserves as of Dec. 31, 2005, compared with 26.8 million bbl for yearend 2004.
The increase stemmed primarily from Transmeridian's acquisition of the 50% interest it did not already own in Kazakh subsidiary JSC CaspiNeftTME from Bramex Management Inc. in late 2005.
Transmeridian also acquired a 10% carried interest in South Alibek field in Kazakhstan from Kornerstone Investment Group Ltd.
CaspiNeftTME operates South Alibek field.
In drilling activity, Transmeridian completed two development wells last year.
The independent targets Caspian region fields. Its main project is boosting South Alibek field production, which averaged 1,300 b/d of oil in the quarter ended June 30, 2005 (OGJ Online, Aug. 11, 2005).
