In october 2013 bahar energy to begin 3d seismic survey on Gum Deniz

Bahar Energy Limited operation company has concluded a contract with the Norwegian PGS company to conduct 3D seismic survey on the Gum Deniz offshore field, reported Greenfields Petroleum company, which holds 33.3% shares of Bahar Energy ,Limited.

The seismic survey will be conducted on the area of 200 sq.m. and the seismic studies on the field will begin in October and taken five months.

Bahar Energy also plans to start drilling of the operation wells on Gum Deniz field.

Drilling of the well No 757 is planned to begin in early October 2013. The drilling operations will be carried out on the east of the fields. The operation drilling will be carried out till 2015 (maybe within a longer period) with as minimum three drilling rigs. The company has invited the bids for purchase of the third drilling rig.

On December 22, 2009 State Oil Company of Azerbaijan (SOCAR) and Bahar Energy Limited signed the agreement on exploration, rehabilitation and sharing of production from the Bahar and Gum Deniz fields. The share of Bahar Energy in the project constitutes 80%, while SOCAR’s – 20%.

The contract was signed for the period of 25 years with the possibility of extension by 5 more years. The investment program was initially estimated at $1 billion. Bahar Energy Limited will make all the investments.

Gum Deniz oil field is locate 21 km southeast of Baku. The field was put into operation in 1955. Bahar gas field was put into operation in 1969.

According to the production sharing agreement (PSA), Bahar Energy Limited has committed itself to increase production by 1.5 times within three years against the showings of 2008. However, till now the operation company has never held any press conferences, never published any annual reports and has never informed publicity about its projects. The operation company does not have its own web site. Some information is posted on the web site of Greenfields Petroleum.—0—