Gentech International Kazakhstan, LLP ("GIK"), a wholly owned subsidiary of Korean based Gentech Holdings Co. LTD, has been active in the upstream petroleum industry in Kazakhstan since 2006. GIK has established an office in Almaty, Kazakhstan that is preparing to undertake an oil drilling program in 2009. During 2007 the company was assigned rights as the Operator of Block XXXI-36 located in Kyzylorda Oblast near the town of Dzhusaly. The Block XXXI-36 "Contract for the Execution of Oil Prospecting" signed by the Ministry of Energy and Mineral Resources of the Republic of Kazakhstan represents the Company's first activity in the energy sector.
Since assuming the role of Operator for the block, GIK is implementing an aggressive exploration timeline and has already completed the acquisition, processing and interpretation of 836 kilometers of 2D seismic data-the first ever acquired over the block. Additionally an advanced soil gas geochemical survey has been acquired to map surface micro seepage from hydrocarbon traps mapped by the seismic in the subsurface. Early in 2009, the Company will open a field office in Kyzylorda as their base of operations to undertake the drilling of up to four wildcat exploration wells on the block during the summer months. This represents the first deep exploration drilling to occur on the block.
GIK is committed to conducting oil and gas exploration and production in Kazakhstan while adhering to the stringent guidelines required by the laws of the Republic of Kazakhstan and in accordance with international accepted standards. For over thirty years, the parent corporation has been a leader in the development of the atmospheric environmental business in Korea and over that time has established a corporate culture that respects the air, water and human resources in their areas of business development.
Energy is a key component in the growth of Kazakhstan's economy and Gentech is proud to be a part of that development.