1. Executive Summary
This report is a revision to the Troy-Ikoda ('TI') report of February 2003 to modify the economic analysis to incorporate higher oil price scenarios more appropriate to the current market view as at June 2004. No other information which may have been gathered since February 2003 has been included in this report. It summarises the work performed on the Tenge field, Kazakhstan on behalf of Central Asian International Holdings N.V. ('CAIH'). The objectives of the study were:
• Evaluate the logging results of the most recently drilled well, TE-235.
• Based on the results of the above, revisit the petrophysical analysis performed
previously for Tenge and update the existing geological model accordingly.
• Upscale and export the geological model for a selected horizon for use in sector modelling.
• Perform well deliverability studies to model the performance of a horizontal well in Tenge and determine the main drivers affecting the success of such a well.
• Perform sector modelling using a numerical simulator for a selected horizon in Tenge to determine what range of recovery factors can be achieved under various development scenarios.
• Perform scoping economics to determine the viability of a horizontal well in Tenge. Based on the results of the log interpretation on well TE-235, the porosity calculation for Horizon XVIIIb in the existing Tenge geological model was revised to an average range of 16% to 18% which is a reduction from the previous range of 18% to 22%. As the new well was logged with a western logging suite, it is the view of Troy-Ikoda ('TI') that the porosity values are more representative. The main target of the well, Horizon XXIIIb was found to be predominantly water wet with 4 m of hydrocarbon pay, which has been identified as gas bearing. This puts some doubt on the reserves previously assigned to Horizon XXIIIb. For the purpose of the deliverability study and sector modelling, Horizon XVIIIb was chosen as it has proven oil production and very little historic gas production. Using both analytical and numerical methods the following conclusions were made:
• Well rates are most influenced by permeability, which in Horizon XVIIIb is between 0.1 - 24 mD.
• A minimum horizontal section length of least 1,000 m will be required to achieve commercial rates with wellhead pressures of 20 - 55 bar required for sufficient drawdown.
• Initial rates achievable from a horizontal well will be between 50 - 500 sm3/d depending on the permeability at the well location. Table 1 summarises the affect of permeability on rates and cumulative recovery.

既然没人帮忙，还是自己翻译，这分不能给上面的，因此用这号撤回。