Zhaikmunai L.P. (ZKM.LN), the oil and gas producer in northwestern Kazakhstan, said Wednesday it has received an extension to its exploration license for the Chinarevskoye field until May 26, 2011.
"The license extension is an important step in the development of the field and will help us to exploit the huge potential of Chinarevskoye," Chief Executive Kai Uwe Kessel said in a statement.
Zhaikmunai announced six commercial discoveries in the Chinarevskoye fields in June following the submission of the relevant declarations to Kazakhstan's Energy and Mineral Resources Ministry.
Zhaikmunai said the ministry signed a supplementary agreement this month to Zhaikmunai's original production-sharing agreement and extended its license for three more years.
Zhaikmunai says its proven plus probable hydrocarbon reserves equal 397 million barrels of oil equivalent. Its daily production equals 6,700 barrels a day.