Karagan Thrust Fault
Northern boundary of the field, providing structural closure to the north.
License No. 7891 HE · Kyrgyz Republic · Development Stage
BORKI
OIL
FIELD
A government-approved hydrocarbon asset in the northeast Fergana Basin — state-registered reserves and a 20-year development licence in hand.
1.7M
Tonnes
Recoverable
Recoverable
Horizon V · State-certified C1+C2 · Horizons VII & IX upside not yet registered
153
km² Development
Licence Area
Licence Area
152.87 km² · Licence 7891 HE · Active development footprint to be defined in the Technical Project
3
Confirmed
Horizons
Horizons
BORKI BLOCK · JALAL-ABAD OBLAST
▬ Development licence boundary (152.87 km²)
◆ Well Nw-1 (3,476 m TD)
◆ Well Nw-1 (3,476 m TD)
Location
FERGANA
BASIN
Administrative Location
Aksy & Nooken districts, Jalal-Abad Oblast, Kyrgyz Republic
Basin Position
Northeast Fergana Basin — Central Asia's most prolific proven petroleum province, producing since the 1880s
Nearby Producing Fields
Maylisay (W) · Maylisu III/IV (E) · Izbaskent (SE)
Infrastructure
Road access throughout. Naryn River crosses block for water supply. Flat-to-hill terrain favourable for facilities.
Operator
OcOO PetroX Beta Limited · Kyrgyz licensed entity
Subsidiary of PetroX HK Limited (Hong Kong)
Subsidiary of PetroX HK Limited (Hong Kong)
Reserves
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.
C1
Explored · Proven
243,870
tonnes recoverable oil
Geological: 1,113,580 t
Dissolved gas (recov.): 11.803 Mm³
Dissolved gas (recov.): 11.803 Mm³
C2
Preliminary · Probable
1,456,460
tonnes recoverable oil
Geological: 6,650,520 t
Dissolved gas (recov.): 70.492 Mm³
Dissolved gas (recov.): 70.492 Mm³
TOTAL
C1 + C2 Combined
1,700,330
tonnes recoverable oil
Geological: 7,764,100 t
Dissolved gas (recov.): 82.295 Mm³
Dissolved gas (recov.): 82.295 Mm³
Production Projections (Preliminary Estimates)
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.
A Proven Petroleum System
Fault Architecture & Hydrocarbon Trapping
The Borki field, on the eastern margin of the Fergana Basin, is controlled by four regional faults. Hydrocarbons generated in the deep central graben, the petroleum kitchen, migrate updip along these faults and accumulate in the fault-bounded nose structure formed by the Borki Synsedimentary Fault. Two exploration wells just 3.5 km apart show how strongly fault and structure control hydrocarbon distribution here, and confirm an effective, sealed trapping system.
Borki Field top-structure contour map (major faults, petroleum kitchens and the Nw-1 / Borki-1 wells)
Borki Synsedimentary Fault
Principal trap-forming fault, throw ≈ 600 m; juxtaposes reservoir against seal, the key control on accumulation.
Naryn River Strike-Slip Fault
Compartmentalises the eastern area into separate structural units.
Naryn River West Normal Fault
Extensional fault on the east, bounding the eastern petroleum kitchen.
Central Graben - Petroleum Kitchen
The Central Graben is the field's principal generating kitchen, with burial depth exceeding 3,400 m and thick dark-mudstone source rocks; a second independent kitchen lies to the east.
≈ 3.5 km
Distance between wells
≈ 600 m
Borki Synsedimentary Fault throw
Nw-1 (PetroX discovery well)
PetroX's first exploration well, on the nose structure west of Borki-1
TD 3,476 m
Oil and gas shows across Paleogene Horizons III/V/VII/IX; log-interpreted oil pay; fractured carbonate reservoir; source-reservoir-seal all developed
Favourable position on the nose structure
Borki-1 (legacy well)
Drilled 2009 by Kyrgyzstan's national oil company
TD 3,421 m
No oil or gas shows
Unfavourable position on the nose structure
The two wells lie just 3.5 km apart yet returned opposite results: the Borki-1 well drilled by the national company in 2009 was barren, whereas PetroX's Nw-1, sited on a favourable position of the western nose structure, encountered oil and gas shows across multiple Paleogene horizons. Correlating marker horizons with the Borki-1 data establishes a throw of ~600 m on the Borki Synsedimentary Fault, showing the fault acts both as a migration pathway and as an effective trap seal, and that well placement is decisive, with the favourable crest of the nose structure as the prime target fairway.
Working petroleum system demonstrated: generation-migration-trap-seal
Trap defined by a ~600 m sealing fault, structurally established
Opposite results within 3.5 km: clear fault and structural control; placement decides outcomes
GKZ state-certified reserves (C1+C2 1,700.33 kt, Protocol No. 2195)
Geology
RESERVOIR
ARCHITECTURE
Nw-1 · STRATIGRAPHIC COLUMN
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.
Crude Oil Quality (Independent Lab Assays)
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)
III
Horizon III — Upper Oil Show Interval
3,125–3,196 m · Oil-stained interval: 3,185–3,192 m (7 m)
Upper Paleogene interval with oil-stained cuttings and electric log support. Included as geological evidence; not part of current state-registered C1/C2 reserve balance.
V
Horizon V — Primary Reservoir
3,288–3,335 m · Thickness: 47 m · Oil show: 3,309–3,335 m (26 m)
Principal reserve-bearing horizon in GKZ Protocol No. 2195 (C1/C2). Direct drilling evidence (cuttings analysis, sensory + quantitative): strong oil smell, peak total hydrocarbon gas of 0.45%, drilling break at 3,331–3,332 m (fracture/karst evidence of reservoir quality), and oil-stained cuttings. Lithology includes brownish-gray calcarenite (grain-supported carbonate), with conchoidal fracture surfaces in cuttings, supporting better reservoir quality versus surrounding micritic limestones.
VII
Horizon VII — Secondary Target
3,335–3,353 m · Thickness: 18 m · Oil show: 3,340–3,353 m (13 m)
Interpreted oil-bearing interval from Nw-1 deepening to 3,476 m (2024). Paleogene limestone. Fluorescence from cuttings with log-supported oil-layer interpretation at 3,368–3,375 m. Positioned as development upside beyond the base reserve case.
IX
Horizon IX — Deep Target
3,384–3,393 m · Thickness: 9 m · Oil show: 3,384–3,393 m (9 m)
Deep dolomitic limestone target near TD with fluorescence and log-supported interpretation at 3,405–3,412 m (7 m). Presented as additional development upside beyond current state-registered C1/C2 reserves.
Basin Context
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.
Investment
THE
OPPORTUNITY
A government-approved, drill-ready asset in a proven basin with state-registered reserves and a clear path to production.
01
De-risked Reserves
1.7 million tonnes recoverable oil on the Kyrgyz State Mineral Resources Balance. GKZ Protocol No. 2195 (April 2026). State-registered C1/C2 reserves currently cover Horizon V; Horizons VII and IX are positioned as additional upside in the development programme.
02
Proven Basin
Northeast Fergana Basin — Central Asia’s oldest petroleum province. Nw-1 is the first well on the Borki structure, and its stratigraphy is analogous to surrounding producing fields, providing strong geological confidence.
03
National Energy Priority
Kyrgyzstan imports 85%+ of its oil. Domestic development is a stated government priority — the state’s grant of GKZ reserves approval (Protocol No. 2195) and Development Licence No. 7891 HE reflects institutional alignment at the highest level.
04
Development Licence Secured
Development Licence No. 7891 HE was issued by the Ministry of Natural Resources, Ecology and Technical Supervision of the Kyrgyz Republic on 14 May 2026, valid until 14 April 2046 (20-year term). The licence authorises full-scope oil and gas development at the Borki site (152.87 km²). Perforation testing, core analysis, and 3D seismic remain committed work programme milestones.
05
Multiple Upside Horizons
Horizons VII and IX are interpreted as oil-bearing targets and represent upside beyond the current C1/C2 base case. Nw-1 also refined deeper stratigraphic understanding, supporting follow-up structural mapping and development planning.
06
Scalable Development
Preliminary projections: 500,000 t/year by Year 5, 1,000,000 t/year by Year 8. Flat terrain, existing road network, and river water supply support cost-efficient field development.
The geology is proven. The reserves are state-approved. Below is what the numbers say.
Economics
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.
Key Assumptions
| 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.
Revenue Projections
Base Case · $75/bbl · Brent
Year 5 Target
~$182M/yr
Net Income (after tax)
~$270M/yr
Gross Revenue
500,000 t/yr
Year 8 Target
~$364M/yr
Net Income (after tax)
~$540M/yr
Gross Revenue
1,000,000 t/yr
Conservative ($60/bbl): Yr 5 net ~$127M · Yr 8 net ~$255M
Optimistic ($90/bbl): Yr 5 net ~$238M · Yr 8 net ~$474M
Capital Requirement & Investment Structure
Phase 1 · Year 1–2~$8–12M
- 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
Phase 2 · Year 2–4~$7–13M
- 3D seismic programme (committed work programme milestone)
- Development drilling: 2–4 production wells
- Pipeline or trucking infrastructure to offtake point
- Working capital
EquityDirect equity participation at PetroX HK Limited level (Hong Kong incorporated, audited accounts available).
Farm-inWorking interest farm-in on Development Licence No. 7891 HE against carry of Phase 1 development costs.
MezzanineStructured debt or convertible note — discuss terms.
For detailed term sheets and data room access, submit an enquiry below.
3–5 yrs
Payback Period
From first production
25–40%
Project IRR
Sensitivity to oil price and Capex
$180–350M
NPV (10% discount)
C1+C2 fully developed
Base Case · $75/bbl · Unlevered
All economic projections are preliminary operator estimates based on GKZ-approved reserve volumes (Protocol No. 2195, April 2026) and publicly available oil price benchmarks. Figures have not been independently audited. Actual results will depend on reservoir performance, commodity prices, regulatory outcomes, and capital structure. This section does not constitute an offer of securities or investment advice. Qualified investors should conduct their own due diligence.
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