Kairi-2 was drilled to a total depth of 6,800 feet and encountered approximately 1,089 feet of hydrocarbon bearing sands, including approximately 300 feet of gross oil pay (167 net) and 789 feet of gross gas pay (435 net). The well tested at a rate of 4,360 bbls/d of oil on a 44/64 inch choke,constrained by surface facilities.
This appraisal well follows Kairi-1, drilled during July and August 2001. Kairi-1 encountered both oil and gas and tested 3,000 bbls/d of oil. Other discoveries on Block 2(c) include Angostura-1, approximately five miles southwest of Kairi-2, which tested natural gas at a rate of 30 mmcf/d. Canteen-1, two miles north of Kairi-2, tested oil at a rate of 3,700 bbls/d.
"These are very encouraging results," said Dr. Jim Buckee, President and Chief Executive Officer. "Our view of the hydrocarbon potential in the greater Angostura field is still developing, but with each additional successful appraisal well, it is increasingly apparent that there is a large, commercial oil development here. We expect to sanction a project later this year with production beginning in 2004. We have an active exploration and development program planned for Trinidad this year, 11 wells in total, including additional appraisal drilling on Block 2(c) to delineate the existing discoveries."
Talisman (Trinidad) Ltd. holds a 25% working interest in Block 2(c). BHP Billiton (the designated operator) holds a 45% interest in Block 2(c) and TotalFinaElf S.A. holds the remaining 30%.
The Group has a strong acreage position in the region and was awarded exploration Block 3(a) in October 2001, subject to negotiation and execution of a Production Sharing Contract. Block 3(a) is located adjacent to Blocks 2(ab) and 2(c), 25 miles off the northeastern coast of Trinidad in 100-300 feet of water. Talisman, BG International and BHP Billiton (the designated operator) each hold a 30% interest and TotalFinaElf S.A. holds the remaining 10%.
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