Between August and December 2004, the Company also drilled and completed a new deep well designated as Dolinnoe-2 well. The Company retained Baker Atlas (USA), a prominent petrophysical services company, to provide preliminary interpretation of the drilling results. The initial determination indicates the presence of four oil bearing zones. The Company is scheduled to implement test production of the well in January and February 2005.
During 2004 the Company carried out the following workover and infrastructure improvement activities on the wells in the ADE block:
Aksaz field. Re-activation and underground workover of Aksaz-1 well was finished. A full spectrum of work, including additional perforation of the second producing zone, was completed. Currently the condensate test production rate is approximately 280 barrels per day. Construction of facilities to manage the separation, collection and storage of production was put into operation. -- Dolinnoe field. As announced earlier underground workover for re-activation of the Dolinnoe-1 well was completed. As a result, the Company was able to make an evaluation of the technical conditions of the well. Geophysical equipment abandoned during Soviet period activities was found at a depth of 3,528 m (11,575 feet). This equipment did not allow the Company to conduct testing of well intervals 3,521 - 3,532 meters (11,552 - 11,588 feet) and 3,550 - 3,570 meters (11,647 - 11,713 feet), which intervals comprise a producing capacity of 31 meters (102 feet). As a result only 7 meters (23 feet) of the upper interval were re-opened. Currently test production of the Dolinnoe-1 well averages up to 165 barrels/day. -- Removal of the previously abandoned geophysical equipment at Dolinnoe-1 well is in the Company's plans for 2005. This will allow the Company to conduct research of the remaining intervals to maximize oil and gas production from Dolinnoe-1 well. -- Emir field. The Company completed underground workover for re-activation of Emir-1 well. A full spectrum of workover procedures, including cleaning of well bore, hydraulic fracturing and lowering of deep sucker-rod pump, was undertaken in the well. At the present moment test crude oil production rate of the well averages approximately 65 barrels per day. -- The Company plans to conduct additional research and testing on Emir-1 well. On the basis of such research, the Company will plan further activities on the well with the purpose of increasing well operation efficiency.
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