Interfax reported that KazMunayGas Exploration Production has rescheduled the drilling of an exploration well of the White Bear prospect in the Central North Sea for early 2012.

Mr Askar Balzhanov CEO of KMG EP said "If everything goes as planned, we will drill the first well on the White Bear prospect in February 2012."

KMG EP earlier announced plans to start drilling an exploration well at the White Bear block in the North Sea in the second half of 2011

The company and BG signed an agreement on joint exploration of the White Bear prospect in the Central North Sea. KMG EP is acquired a 35% interest in the license. The agreement marked the first official venture between KMG EP and BG Group under the terms and conditions of the Upstream Co-operation agreement signed in December 2008.

The transfer of an interest meets terms and conditions of the cooperation agreement signed in 2008. KMG EP farm-in financial risks including drilling costs and other project liabilities at the HC pre-discovery stage are estimated at USD 25 million to USD 30 million.

The White Bear prospect, within the P1722 license, is located close to the BG Group's existing Everest and Armada producing assets. BG will retain the remaining interests and will continue to operate the license on behalf of the partners.

(Sourced from Interfax)