One contract already signed - (You don't do that if you don't have funds.) One contract agreed.
* Kemerkol Oil Project, Kazakhstan - contract signed for re-entry of three shut-in wells to commence in December and drilling of twin well in January.
* West Medvezhye Gas and Condensate Project, Russia - contract for mobilisation of Wells 106 and 103 agreed with drilling expected to commence Q1
2006.
In May 2005 they had $11m left though the likely costs of the increase acerage/reserves in Kemerkol may have gone u from circa $8.5m (cash and shares) to around $17m. The original $8.5m cash and shares was already paid and they had $11m left.
The costs of drilling well 104 was £.5m/$0.9m
Seismic £250k/$440k.
Infrastucture £125k/$220k.
Initial mobilisation for well 103 £125k/$220k.
Work scope for well 105 £450k/$800k.
Kemerkol re-entry £350k/$610k.
Drilling £1.3m/$2.3m
Infrastructure at Kemerkol £550k/$960k.
Overheads £450k/$$790k.
Add on say $8.5m maximum for the Kemerkol increase (likely to be less as there were no C1 reserves - all C2/C3 in the new increased licenced area, so could be $1m+ less
Say $1m used up for admin/other expenses June - December 2005.
= Total circa $20.7m less $11m the company had in cash at 1st June = $9.7m needed (£5.5m).
Compare that to £12.8m being raised (approx £12m after expenses) would leave at least £6.5m/$11.5m with only West Med wells 103 & 105 to be drilled from this.
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