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Bayfield Alpha is a 74 per cent. shareholder in AGOC, which is a Russian operating company based in the Astrakhan region of southern Russia. AGOC was awarded a 100 per cent. interest in the Karalatsky Licence in October 2006 which has an initial exploration term of nine years.

The Karalatsky Block (1,500 km 2 ) is located within the lightly explored southern onshore portion of the Volga delta. This region is part of the emerging Northern Caspian petroleum province where two billion boe (68 per cent. oil, 32 per cent. gas) have been discovered in the last 10 years. No wells have been drilled in the Karalatsky Block but a 1,000 km seismic programme carried out in 2007-2008 identified a shallow (1,300 m) Jurassic play with numerous leads which is underlain by the Paleozoic Karakul fold belt.

 

The Directors believe that this prospective geological setting is an analogue of the producing Beskulskoye oil field located to the north-west in an adjacent block. The Group acquired an additional 200 km of 2D seismic data in 2011 to assist in the determination of a drilling location for the first well to be drilled in 2012. Under the terms of the extension to the Karalatsky Licence the Group has obligations to drill two exploration wells prior to October 2015.