American International Petroleum Corporation (fka AIPN)

[Begesh]

On 953/Begesh/Chikuduk

http://ragingbull.lycos.com/mboard/boards.cgi?board=AIPN&read=55887

By: carefulinvestor
16 Sep 2002, 09:39 AM EDT Msg. 55887 of 55972
(This msg. is a reply to 55884 by carefulinvestor.)

Interesting old story (on 953/Begesh/Chikuduk)... to be continued in the not too
distant future... notice the bold print section (see
http://ragingbull.lycos.com/mboard/boards.cgi?board=AIPN&read=53759).

Source: NewsBase

US AIPC further new round of exploration work in Kazakhstan

08-08-00 New York-based American International Petroleum Corp (AIPC) said
that it planned to begin a new round of exploration work soon at the
concession known as License No. 953. AIPC holds a 70 % working interest in
this property, which covers 4.7 mm acres in north-western Kazakhstan and
includes the Chikuduk gas deposit.

The company said earlier this year that it had decided to focus its efforts
in Kazakhstan on Shagyrly-Shomyshty (also known as License No. 1551), a gas
field that was thought to be more promising than Chikuduk. However, AIPC has
decided to take another look at License No. 953 after reviewing the findings
of independent petroleum engineering consultants.

The consultants conducted a review of electric well logs from the Begesh No.
1 shaft, which has been leaking light sweet crude oil ever since it was
drilled during the Soviet period. After the review, they suggested that the
company re-enter the well in order to test the upper Jurassic intervals of
the Begesh deposit, noting that oil had been found at those levels at the
Karakuduk field, located about 50 miles to the south-west of AIPC's
property.

The company drew up a revised drilling plan after hearing the consultants'
recommendations and will submit that program to the Kazakhstani government
for approval the press release said. Drilling work may begin soon after
Astana gives its approval as AIPC is in a position to use two rigs that are
already in the area, it said. The company added that exploitation of the
Begesh deposit would prove relatively easy as the Begesh No. 1 well was
located less than two miles from a major oil pipeline network.

According to an independent evaluation conducted earlier by Huddleston &
Co, License No. 953 contains 1.98 bn barrels of crude oil and 2.15 tcf of
natural gas, or 2.3 bn barrels of oil equivalent (boe). These figures do not
include reserve estimates for the Chikuduk field.

AIPC operates mostly in Kazakhstan but has also made efforts to acquire
rights to oil- and gas-bearing propertiesin Russia. It is also involved in
the refining, transportation and marketing of petroleum products in the
United States.

Emphases added.

FWIW & IMO



(Voluntary Disclosure: Position- Long; ST Rating- Strong Buy; LT Rating- Strong Buy)