re quarterly actvities report

Does not get any better..all we need is to clinch a reasonable deal with Mangistaumani gas and JPR will be set.
No doubt there will be some consolidation of the SP between now and May.

Block 31 Extension Application
The application process is near completion and an update on the Block 31 extension is expected during May 2011.

Independent Reserves and Resource report
The Company has received notification from Senergy Limited (Senergy) that following its review of the J-50 and J-52 drilling results for the Middle Triassic, Senergy has estimated that the Block 31 Middle Triassic 2P* oil reserves have increased from 8.6MMstb to 24.2MMstb*. The Middle Triassic reserve assessment by Senergy is very encouraging with an almost 300% increase in Middle Triassic 2P reserves.

Already we have;
Initial flow rate from J-52 Middle Triassic reservoir of 750 bopd on 10mm choke.
Stabilised flow rates from Middle Triassic of 849 bopd on 12mm choke and 516 bopd on 8mm choke.
International oil & gas engineering consulting group Senergy Limited advise a 2P reserves increase to 24.2 MMstb.
Preparatory work ongoing for the 2011 commitment well, spud expected in 3rd quarter.