OREANDA-NEWS. July 09, 2008. Zeromax recorded a commercial condensate gas discharge (inflow) as a result of exploratory tests at wells No.3 and No.6 at the Nishan field in late June this year. Accumulation of the reserves in the new field is estimated at 6.9 billion cubic metres of natural gas and 330,000 tonnes of condensate, reported the Official website www.investuzbekistan.uz. 

Prospect drilling (exploratory operations) is being carried out in accordance with the Agreement between Uzbekneftegaz national holding company, the Uzbek state energy company, and Zeromax on the "Oil and Gas Exploration within Eastern Kultak - Northern Nishan – Kamashi Investment Unit of Bukhara - Khiva oil & gas bearing region of the Republic of Uzbekistan Project".

The State Geology and Mineral Resources Committee had earlier licensed Zeromax the right to use the subsurface area for a five-year geological study of Eastern Kultak, a press release posted on the company's website said.

All estimated reserves materials have been forwarded to GosComGeologia and Uzbekneftegaz NHC for approval; a Feasibility Study Project is under way; and all necessary documentation is being collected to obtain a license for a hydrocarbon project to be undertaken at the Nishan field.
Formed in September 2001, Zeromax is a rapidly-growing, privately-owned company with registered offices in Zug, Switzerland. The company conducts its business primarily in the Republic of Uzbekistan where it is active across a wide economic spectrum - oil and gas, agriculture, textiles, construction, mining and logistics.

As a reliable and results-driven, cost-efficient partner, Zeromax has generated respectable returns in both the financial and social arenas. The company's turnover for 17 months ended 31 December 2006 was over CHF1 billion.

By November 2007, Zeromax had invested more than CHF360 million in the rehabilitation of Uzbekistan's industrial infrastructure, making it the country's largest foreign investor as well as its largest private sector employer.