BORKI
OIL
FIELD
A government-approved hydrocarbon asset in the northeast Fergana Basin — state-registered reserves and a 20-year development licence in hand.
Recoverable
Licence Area
Horizons
◆ Well NW-1 (3,476 m TD)
FERGANA
BASIN
Subsidiary of PetroX HK Limited (Hong Kong)
STATE-APPROVED
RESERVES
Reserves approved and registered on the State Mineral Resources Balance of the Kyrgyz Republic per GKZ Protocol No. 2195 (7 April 2026), assessed via volumetric method in accordance with Kyrgyz Republic classification standards. These reserves underpin the basis for issuance of Development Licence No. 7891 HE (granted 14 May 2026, valid to 14 April 2046) by the Ministry of Natural Resources, Ecology and Technical Supervision of the Kyrgyz Republic.
Dissolved gas (recov.): 11.803 Mm³
Dissolved gas (recov.): 70.492 Mm³
Dissolved gas (recov.): 82.295 Mm³
These state-approved figures represent the beginning. The Borki block's true petroleum potential — encompassing deeper untested horizons, adjacent structures, and the full extent of the Fergana Basin play — remains to be uncovered through systematic exploration and development.
RESERVOIR
ARCHITECTURE
Well NW-1 was drilled in 2019–2020 to 3,351 m, with oil shows confirmed in Horizon V and perforation testing recommended. The well was subsequently deepened to 3,476 m in 2024, identifying additional interpreted oil-bearing horizons in the Paleogene section and a reported structural discontinuity. In line with the report wording, this feature does not conform to regional structural characteristics and its nature remains to be determined.
NW-1 crude was tested by two Kyrgyz laboratories under GOST standards, with consistent quality indicators across both reports:
- Sweet crude: sulfur 0.346-0.353%
- Low impurities: chloride salts 32.75 mg/dm³, water 0.9%
- Density: 0.873 g/cm³ at 20C (about 30 API)
- Distillation profile: 30% below 273C and over 50% below 365C
- Elemental profile: C 79.57%, H 10.7%, N 0.03%
- GKZ Protocol No. 2195 uses the same density basis (0.873 t/m³)
The Fergana Basin has produced oil for over 130 years. Neighbouring fields Maylisay, Maylisu III/IV, and Izbaskent share analogous stratigraphy and confirm basin-wide productivity. NW-1 is the first well drilled on the Borki structure, distinguishing it from step-out or appraisal drilling. Kyrgyzstan currently imports over 85% of its oil — domestic development is a declared national priority.
The NW-1 deepening (2024) added two important updates: (1) a reported structural discontinuity in the Paleogene that does not conform to regional structural characteristics, with fault nature still pending confirmation; and (2) a revision of Cretaceous top depth (105m shallower than pre-drill models) — confirming the team's stratigraphic understanding has evolved and de-risked future drilling placement. Systematic thinning below Horizon V (V: -91m, VII: -41m, IX: -20m, X: -11m versus design) supports continued structural reassessment. This is also why 3D seismic is a targeted structural priority in the work programme, not a generic line item.
Logging for both exploration and deepening intervals was performed by Kyrgyz Geophysical Company as an independent third-party operator.
With Development Licence No. 7891 HE now in hand (May 2026), the geological knowledge base summarised above feeds directly into the Field Development Plan (Technical Project for Oil and Gas Development at the Borki Site) to be submitted under the licence agreement.
THE
OPPORTUNITY
A government-approved, drill-ready asset in a proven basin with state-registered reserves and a clear path to production.
The geology is proven. The reserves are state-approved. Below is what the numbers say.
PROJECT ECONOMICS
Preliminary estimates based on state-approved C1+C2 recoverable reserves of 1,700,330 tonnes (Horizon V only). Horizons VII and IX are treated as additional upside in the broader development programme. All figures are indicative and subject to field development plan and commercial audit.
| Conser- vative | Base Case | Optimi- stic | |
|---|---|---|---|
| Oil Price (Brent) | $60/bbl | $75/bbl | $90/bbl |
| Barrels per Tonne | 7.20 | 7.20 | 7.20 |
| Recovery Factor | 22% | 27% | 32% |
| Opex | $18/bbl | $15/bbl | $12/bbl |
| Total Capex | $45M | $38M | $32M |
| Corporate Tax (KG) | 10% | 10% | 10% |
| Royalty | 5% | 5% | 5% |
NW-1 crude assay: ~30° API (density 0.873 g/cm³ at 20C, GOST 9965-76) · conversion factor ~7.20 bbl/tonne.
Base Case · $75/bbl · Brent
- Perforation testing: Horizons V, VII, IX
- Core analysis and reservoir characterisation
- Surface facilities: well pads, flowlines, temporary storage
- Field Development Plan (Technical Project) submission per Licence 7891 HE
- 3D seismic programme (committed work programme milestone)
- Development drilling: 2–4 production wells
- Pipeline or trucking infrastructure to offtake point
- Working capital