01/12/07 Processing of Kola 2 retrospective 2D data obtained for an area of 944 running kilometers started. These data would subsequently be interpreted together with new data resulting from the 2007 job in order to prepare a second target object in Kola 2 area.
07/11/07 The 2D marine seismic job in Kola 2 and Kola 3 areas was successfully completed. Certain interesting data were acquired that would significantly change the notion of Kola 3 area geological model. On the whole, 3306 running kilometers of 2D seismic profiles were obtained in compliance with the company’s license commitments. Within a week these data would be delivered to the Company’s office and subsequently made available to Largeo LLC for processing. Under a respective contract, the quasi-3D processing is to be completed by early April 2008.
25/09/07 The second and final stage in the marine seismic job covering Kola 2 and Kola 3 areas commenced. The job was performed by engaging Sevmorneftegeofizika OJSC and using the Akademik Shatskiy research vessel. The job is expected to continue for a month.
25/08/07 The first stage in the marine seismic job covering Kola 1 licensed area was completed. The job was performed by engaging Sevmorneftegeofizika OJSC and using the Iskatel 5 research vessel. The seismic data were delivered to Largeo LLC for processing that was expected to be completed in December, following which the processed data was to be interpreted at the Company’s Center for Interpretation and Economic-Geological Analysis.
In May 2007, interpretation was to be completed of the 2d and 3D data obtained during the 2005 marine seismic job across Kola 3 area covering 2,000 running kilometers, as well as Kola 1 and 3 areas covering 200 sq. km each. Under the licensing commitments, reports were to be prepared and delivered to Rosgeolfond Federal State Unitary Enterprise.