ALMATY, Kazakhstan, Nov. 10, 2010 /PRNewswire/ -- BMB Munai, Inc. (NYSE Amex: KAZ) announced today that oil production has commenced from a directional wellbore, drilled on the Kariman-3 well. During the first days of test production rates ranged to a high of 250 barrels per day, with stable average production of 170 barrels per day during the past five days using an electric submersible centrifugal pump on the well.
The Kariman-3 well was drilled by the Company in 2007, targeting Middle Triassic productive horizons, to the depth of 3,570 meters. The stable production rate before conducting directional drilling was 13 barrels per day. The low production rate resulted from the original wellbore intersecting with the fault plane, not detectable during the interpretation of 3D seismic data. Thus, the well exposed only a small section of the productive seam height.
In June 2010 the Company began a $2.8 million dollar project to drill a directional wellbore commencing at a depth of 3,275 meters on an angle of 30 degrees to target productive horizons in the Middle Triassic, beyond the fault. The wellbore penetrated the Middle Triassic horizon at a depth of 3,606 to 3,717 meters.
BMB Munai is an independent oil and gas company engaged in the exploration and test production of crude oil and natural gas in Western Kazakhstan. The Company maintains administrative offices in Salt Lake City, Utah and Almaty, Kazakhstan.The information contained in this release includes forward -looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. Certain statements contained herein constitute forward -looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward -looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied. Forward-looking statements involve risks and uncertainties, including but not limited to, risks described in the Company's periodic reports on file with the Securities and Exchange Commission. SOURCE BMB Munai, Inc.