Varuna has been funding Textonic's operations on a monthly basis since October, with Textonic currently finalising programs for exploration and development work on the Charvak, Ashvaz and Ak-Bura prospects in the Kyrgyz Republic.

Seismic acquisition targeting shallow Paleogene and deeper Jurassic beds at Charvak and Ashvaz, and two large, deeper traps on the Ak-Bura project is planned as the next operation.

In addition, exploration and horizontal production drilling is planned for the Charvak and Ashvaz projects, where it is expected existing oil reserves can be increased substantially by the proposed work.

Afminex retains a 50% equity in Textonic, which owns seven oil projects covering 15,900sqkm, largely in the established Fergana Basin oil province in the Kyrgyz Republic.

The Kyrgyz Republic is a free market economy located between Kazakhstan and China in central Asia.