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6 Mar 2012 07:00
6 March 2012
Jubilant Energy N.V.
("Jubilant" or "the Company")
Successful Test Results of Fourth Development Well of the Phase-III Drilling Campaign in the Oil Producing Kharsang Field
Jubilant is pleased to announce that KSG#61 (previously referred to as KPL-H), the fourth of the seven phase III development wells in the already oil producing Kharsang Field has successfully tested for oil and has been put into production at an initial gross rate of 70 barrels of oil per day.
The well, which was proposed as an infill development well with the primary objective of appraising the C-50 and D-00 sands and the secondary objective of appraising the G-00, G-60 and H-00 sands, was spudded on 9 December 2011. It was successfully drilled to the target depth of 1,127 metres Measured Depth ("MD") on 5 January 2012 and was subsequently tested with the smaller capacity work-over rig.
Based on the wireline log interpretation, mud log and formation pressure data from the Reservoir Dynamic Tester, the consortium identified two intervals for testing between 1,022.5 and 1,030 metres MD, and 1,016.5 and 1,018.5 metres MD both located in the lower-most H-00 reservoir sand. After detailed testing, these zones have been brought into production utilising artificial lift from a Sucker Rod Pump producing at a gross rate of around 70 barrels of oil per day of 28.84 API crude.
In addition to the currently producing H-00 reservoir sands, four shallow potential oil bearing zones have also been identified totalling to about 18 metres of net pay in the G-60, D-00 and C-50 sands and these will be tested subsequently.
GeoEnpro Petroleum Ltd., a joint venture of GeoPetrol and Jubilant Enpro (a member of the wider Jubilant Bhartia Group), is the operator of the Kharsang Field. Jubilant holds a 25% interest in the block through its subsidiary, Jubilant Energy (Kharsang) Pvt Ltd. The other members of the consortium are Oil India Ltd and GeoPetrol.
Enquiries:
Jubilant Energy Ajay Khandelwal, Vipul Agarwal +91 120 4025700
Evolution Securities Jeremy Ellis,Neil Elliot +44 20 7071 4300
Deutsche Bank Rajat Katyal, Drew Price +44 20 7547 8000
College Hill Nick Elwes, Alexandra Roper +44 20 7457 2020
Competent Person's Consent for Release: Maxwell Birley, BSc in Geological Geophysics, the Company's Chief Operating Officer, has 30 years of international experience in the exploration and production industry. He has reviewed and approved the technical information contained in this announcement pursuant to the AIM guidance note for mining and oil and gas companies
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