The 12-5 discovery well was returned to production on February 10th after recovery of bottom-hole pressure recording devices. The well was shut-in for pressure build-up on January 18th. The well had flowed 180 barrels per day of light (52-56 degrees API) oil with no water production and minor gas production for a 30 day period which began on December 18th. Analysis of the pressure data indicated essentially no depletion.
Four Other Wells Drilled
The winter 2004-2005 drilling program was initiated in late December. TUSK has drilled four wells to date and is drilling on a fifth well. Well #1, 3 miles west of the initial discovery well, has been cased to total depth and completed and is awaiting tie-in. Well #2, 15 miles northwest of the initial discovery well, has been cased to total depth and is currently being completed. Well #3, approximately 1 mile southwest of the initial discovery well, has been cased to total depth and is awaiting completion. Well #4, 2 miles west of the initial discovery well, has been drilled to total depth and is preparing to log. Well #5, located approximately 15 miles to the southwest of the initial discovery well, is drilling.
A pipeline route was surveyed last summer and necessary pipe was acquired in the fall during the planning for the winter 2004-2005 program in the Mega-Venus area. TUSK is proceeding with approximately 30 kilometers of 6" oil pipeline. Target date for completion is March 15th.
3-D Seismic Underway
TUSK is proceeding with the shooting of two additional 3-D seismic surveys. Each survey will cover approximately 15 square miles with total coverage of 30 square miles (77 square kilometers). Acquisition of field data is expected to be completed by early March. TUSK already has access to a 3-D survey made available under the terms of the original farm-in upon which the discovery well was drilled and a 3-D survey acquired as a part of the purchase of oil and gas rights announced on February 1st. The new seismic shooting will increase the total 3-D seismic coverage available to TUSK in this area to 117 square kilometers of 3-D (46 square miles) in four surveys. In addition, TUSK has access to more than 650 kilometers (260 miles) of 2-D seismic data which was purchased in 2004.
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