The Schlumberger study forms part of the Company's Stage 1 review under the terms and conditions of its January, 2005 Memorandum of Agreement with Oil and Gas Development Company Ltd., the national oil company of Pakistan for the exploitation of the upper carbonate zones in the Toot oil field located in the Potwar region, Punjab province, which is near the capital city of Islamabad.
The primary objectives of the Schlumberger study is to assess and report on the following; (1) geophysical, geological and petrophysical review and verification of the reservoir zone; (2) fracture analysis and identification of interconnected fractures and (3) estimation of the reservoir parameters. The duration of the study is expected to be 6 to 10 weeks.
The Toot area is one of the oldest oil-producing regions in Pakistan, with the first well being drilled in 1964. The Toot field is accessible by road and the concession area is 122.67 square kilometers. All facilities, including a pipeline to the refinery, are in place. The field is located on an east-west-trending surface anticline with light oil being produced from the sands of the Datta formation at a depth of 4,500 meters. Light oil potential exists in an uphole fractured Carbonate Paleocene and Eocene sequence (4,150 meters) divided into the Sakesar, Patala and Chorgali formation.
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