The Company's first exploration well, East Zhagabulak #301, reached a total depth of 4846 meters and encountered approximately 101 meters (331 feet) of net oil pay in Middle Carboniferous reservoirs. The well is being tested in two intervals. The lower interval, the primary target in the well, tested at rates of 2,532 barrels of oil per day (b/d) of 39 degrees API gravity oil, following acidizing. The upper zone, a secondary target, is currently being acidized and testing is expected to be completed in the near future.
The logging program for well EZ #301 has shown that the well is 38 meters updip to the offset producing well (EZ #213) and that apparent productive intervals were by-passed in earlier Soviet era wells. The Company is investigating a program to add production through major workovers on EZ #213, and a near offset plugged well EZ #211.
"We are very pleased with the success of our first exploration well in the North Block and this result exceeds our initial expectations and confirms our exploration strategy," said Charles Summers, Caspian Energy Inc. Chief Operations Officer. "The field pipeline is already installed and this well is currently flowing to our production facility. Our second exploration location, EZ #302, approximately 3.6 km. southwest of well 301, has set intermediate casing at 3003 meters, and is expected to reach total depth before the end of March".
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