The Russian Closed Joint Stock Company (CJSC) “Chernomorneftegaz” was established in 1998. In 2002 the Company was granted four licenses to subsoil use of the South-East and North-West Black sea areas, as well as Paleozoiskiy and Visokosniy Blocks in the water area of the Azov Sea to perform geological studies aimed at prospecting and evaluating of hydrocarbon fields.
The Company is successfully carrying out the activities stipulated by the terms of the license agreements. To date the following works have been performed in the licensed Blocks: 2D seismic surveys; processing and complex interpretation of seismic data on the basis of which recommendations for arrangement of prospecting and evaluating wells have been given; engineering and geological surveys on drilling sites; geological and geochemical studies, gravity and magnetic surveys, integrated ecological and fishery studies, hydrometeorological surveys, etc.
At present the Company is carrying out preparation works for drilling of prospecting and evaluating wells. Any further activities on prospecting and evaluation will be specified and adjusted based on drilling data.
No doubt that in the nearest future our Company will successfully implement the terms of the license agreements. Moreover, CJSC “Chernomorneftegaz” expresses its readiness to use all investment facilities and technologies of the world leading companies experienced in offshore activities.
| Chairman of the Chernomorneftegaz Board of directors |  |
Nickolay Gagarin |