Drilling Operations Update
Well SA-17 was drilled to a depth of 12,400 feet and encountered the main target reservoirs of the South Alibek Field within the KTII carbonates. The well penetrated all the major productive intervals targeted for this well, which are currently being tested in other wells in the field. The preliminary well log evaluation indicates approximately 210 net feet of reservoir in the KTII interval and 280 net feet of reservoir in the KT I interval. Current plans are to complete the sections in the KTII with similar reservoir pressures and later complete as a dual producer by adding additional sections with lower pressures.
The SA-17 is a development well and replaced Well No. 29, which was originally drilled in the Soviet era and abandoned by the Company due to downhole mechanical problems. The Company has now drilled 5 of the 16 identified proven locations within the field. The two drilling rigs the Company operates in the field are being moved to the SA-3 and SA-14 well sites. These wells will be drilled on the outer edges of the estimated proved area to demonstrate continuation of the Field to the west of existing wells and will be located approximately one mile from existing producing wells. Due to the necessity of keeping a rig on site for the initial testing of SA-17, we are planning that only one of these two wells will be finished by year end with the second well being completed early in 2005. Both wells are programmed for a total depth of about 12,500 feet.
The Company remains confident that this rhythm of adding additional wells, plus the recompletion program for the conversion of existing wells as dual producers, will yield field production rates of 4,000 to 5,000 barrels of oil per day by the end of the fourth quarter.
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