The Tasour #12 well is located in the central area of the Tasour field in Yemen, and is producing from the Vishnu S1-A zone. A second oil zone in the Vishnu S1-C zone was also encountered which may be completed in the future.
With the addition of Tasour #12 the Tasour field is producing in excess of 21,000 BOPD (approximately 8,500 BOPD to DNO). Based on this result it is expected that production from the Tasour field will average approximately 18,000 BOPD (7,300 BOPD to DNO) for the remainder of 2004.
Should this production level for Tasour field be achieved DNO's total production for 2004 from all producing assets is expected to be higher than the current estimated level of 10.000 - 12.000 BOPD.
Further development drilling in the western extension of Tasour field is planned for the fourth quarter of 2004. The remapping of the Tasour field utilizing recently acquired 3-D seismic shows a possible eastern extension, which is anticipated to be drilled in late 2004. The drilling rig will now move to Block 53 to drill two additional production wells.
DNO has also been awarded a new concession in Yemen: Block 72. The participants in this new concession are:
DNO 30.60 % (Operator)
TransGlobe: 29.70 %
Ansan Wikfs: 29.70 %
The Yemen Company: 10 % (carried)
The Block 72 PSA is expected to be signed towards the end of July and is subject to ratification by the Yemen authorities.
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