Seismic Acquisition

During the winter season 2005/06, the Group acquired 515 km line km of high-resolution CDP-2D field seismic survey relating to the northern half of License 61. The interpretation of this data has now been completed and has provided the Group with a consistent database and one set of processing parameters in the northern part of License 61 that is superior in quality to seismic activities undertaken in the past.

During the winter season of 2006/07 Stavropolneftegeofizika acquired an additional 540 line kms of high resolution CDP-2D seismic data for the Company.  This programme was designed to upgrade the definition of known prospects on the Licence.  The results were used in designing the 2007/08 winter drilling programme and in the preparation of the Plan of Development.  The Group has now acquired 1,055 line kms of seismic data which fulfils its Licence obligation to acquire 1,000 kms of seismic data during the first three years of the Licence term.