In April 2024 shareholders approved the acquisition of the West Shalva Contract Area for a maximum consideration of $15 million, of which a maximum of $10 million would be paid by the issue of new shares to be issued at 4p per share and $5 million in cash from the first production revenues under the Group’s ownership.

The West Shalva contract area is rectangular in shape and extends over approximately 25 km².  It is located in the oil producing Zhetybay Steppe Area in the Mangyshlak region of Western Kazakhstan approximately 90 km east of Aktau and approximately 20 km north from the Zhetybay field, where an oil processing plant is located and oil enters the Ackau / Atyrau main pipeline. 

West Shalva is an early stage oilfield but with strong indicators from both the adjacent Shalva field and from the available seismic information that it is likely to produce oil in decent quantities.  

Additionally, it is expected to be easier to drill than either BNG and Block 8 as the high pressure and high temperature encountered in those fields are not present at West Shalva.

Operations