China Huarong Energy Company Limited (Huarong Energy, the Company or We, and together with its subsidiaries, the Group) announced Tuesday that, the production test of oil well M656 of the Kyrgyzstan Project has recently been completed with encouraging results of flowing wells and considerable production volume. As of June 15, drilling work of 36 new wells in the Kyrgyzstan Project had been completed and a daily production of approximately 737 barrels of oil was recorded on the same date. With the development potential of the Kyrgyzstan Project being further realized, we will continue to proactively prepare for perforation and production of the existing drilled wells and accelerate the pace of new well development.
Oil well M656 is located in Maili-Su IV oilfield zone. Drilling of the oil well commenced April 7 and was completed May 8 with well completion May 14. On June 14, it completed the production test process, and recorded a daily production of approximately 850 barrels and 402 barrels of oil when using 0.314 inch (8 millimeter) oil choke and 0.118 inch (3 millimeter) oil choke, respectively. The oil well is expected to commence production in the near future.
We are optimistic and encouraged by the production test results of oil well M656 and believe that the results have indicated huge development potential of the Kyrgyzstan Project. We are optimistic and encouraged by this. Maili-Su IV contains large areas of oil reserves where development has not commenced, representing significant potential in development and increase in production. With further optimized production environment, the Group is proactively accelerating the pace of new well development and preparing for perforation and production of the existing drilled cluster wells in order to further realize the development potential of the Kyrgyzstan Project.
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