By OGJ editors
HOUSTON, May 12 -- Chaparral Resources Inc., White Plains, NY, has invested $190 million in development of Karakuduk oil field through Mar. 31, 2006, and plans to spend $170 million in 2006-10.
Chaparral plans to drill 60 more wells through 2010 to recover the estimated 29 million bbl of oil net of government royalty. It plans capital spending of $53 million and drilling 12 wells in 2006. The field has 61 producing wells.
Chaparral has two rigs under contract to start work shortly after midyear 2006. A third rig may arrive in the third quarter.
The company expects the field to average 13,400 b/d in 2006 compared with 11,000 b/d in the quarter ended Mar. 31.
The field, under development since 2000 in the North Ustyurt basin 100 miles south of Tengiz field, produces from Middle Jurassic age sandstones at 8,500-10,000 ft. The structure at top Jurassic covers 12,000 productive acres.
The operating company KKM is owned 60% by Chaparral and 40% by a subsidiary of Russia's OAO Lukoil.
