Sign In
20 May 2013 07:08
20 May 2013
Jubilant Energy NV
("Jubilant" or "the Company")
Successful Testing and Production of Second Well of Phase-III-Extension Development Campaign in the Oil Producing Kharsang Field
Jubilant is pleased to announce that KSG#66 (previously referred to as KPL-3E-4), the second of the six development wells of the Phase-III-Extension drilling campaign in the Kharsang Field, Arunachal Pradesh, has successfully tested for oil and has been put into production at an initial gross rate of 81 barrels of oil per day ("bopd").
KSG#66 was an infill development well in the north-western part of the Kharsang Field with the H-00 reservoir sand layer as the primary objective and G-00 reservoir sand layers as secondary objectives. The well, spud on 23 March 2013, was successfully drilled to a target depth of 1,128 metres Measured Depth ("MD") (1,048 metres True Vertical Depth) and completed on 25 April 2013.
Based on the wireline log interpretation, mud log shows and formation pressure data from the Reservoir Dynamic Tester, the Consortium identified total net pay of 50.31 metres, out of which 30.33 metres appears to be oil bearing. Detailed testing was carried out in the deepest oil bearing sand interval 1024.5-1028 metres, which commenced from 26 April 2013, and the well is currently producing at a rate of around 81 bopd on artificial lift. An up-hole potential of approximately 26.83 metres of net oil bearing sands and 19.98 metres of gas bearing sands have also been identified in the well.
GeoEnpro Petroleum Ltd., a joint venture between GeoPetrol and Jubilant Enpro (a member of the wider Jubilant Bhartia Group), is the Operator of the Kharsang Field. Jubilant holds a 25 percent 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 |
Vipul Agarwal |
+91 120 4025700 |
Panmure Gordon | Callum Stewart, Adam James | +44 20 7886 2500 |
Deutsche Bank | Rajat Katyal, Drew Price | +44 20 7547 8000 |
College Hill | David Simonson, Alexandra Roper | +44 20 7457 2020 |
Competent Person's - Consent for Release
Mr Ramesh Bhatia - Chief Operating Officer, holds a Master of Science Degree in Applied Petroleum Geology and has over 20 years of experience in the Oil and Gas Exploration, Development 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.
Follow the stocks
