The Company has filed an application under the Papua New Guinea Oil and Gas Act to re-enter the Kuru #2 wellbore for the purposes of testing and production.
The Company expects to begin operations at the Kuru #2 re-completion well during the first week of October. This is about 14 days later than originally envisioned which is considered excellent due to growing world-wide challenges in sourcing and obtaining adequate energy exploration equipment and manpower. All major equipment is scheduled to begin arriving on site on or about September 30, 2005.
"Work is well underway towards our goals of commencing work on the re-completion well," says Doug Marshall, Drilling and Operations Manager for Cheetah Oil & Gas. "We are in the midst of the busiest field season in our company's history."
The Company has been preparing the necessary infrastructure to support its expanded oil and gas exploration programs. To this end, Oilmin Field Services Ltd. has cleared the site and begun construction of a 24-person camp and is expected to be completed by September 30, 2005. Oilmin Field Services Ltd. will be responsible for daily operation of the Kuru #2 camp.
Contracts have been signed to provide logistical support for the upcoming exploration and drill programs. Parker Drilling Company PNG of Houston has been engaged to supply cranes, winch trucks and other necessary auxiliary equipment.
Oil Search (PNG) Limited is providing logistical support by providing wharf access, fuel storage and temporary camp facilities.
Haliburton Overseas Limited is supplying major equipment including perforating, logging, an endless tubing unit, production testing equipment and the appropriate staff to operate the equipment. This equipment will be the main stay of the re-completion program.
Streamflo Industries Ltd. of Canada has been contracted to supply the wellhead. This wellhead will be transported to Port Moresby, Papua New Guinea in the next week and is expected to be installed before the end of September.
Pacific International Hospital has been contracted to supply onsite medical facility and staff, in support of Cheetah's work program.
The Company is evaluating and exploring for energy resources on its five 100%-owned and operated Petroleum Prospecting Licences and one Petroleum Retention License of approximately 8.3 million acres in Papua New Guinea.
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