The latest three development wells on the M'Boundi field were successfully
tested at an average flow rate of 2,930 bopd each (see table below). Well 1203
has been placed on production at 2,100 bopd and wells 505 and 1904 will be
placed on production shortly.
Well M'Boundi Location Test flow rate Choke size MBD 505 Central infill 2,700 bopd 44/64' MBD 1203 North-west perimeter 2,100 bopd 48/64' MBD 1904 Central infill 4,000 bopd 44/64'
Prior to the completion during this year of the upgrade to in-field treatment facilities, M'Boundi field production capacity is currently limited to 62,000 bopd. Current production is just below 59,000 bopd, up from 57,000 bopd at year end.
A new exploration well, Boubissi-1, on the Kouakouala permit was spudded on 27 February, targeting the hydrocarbon potential of the Djeno formation which was indicated from the logs of Kouakouala well 401. This is the first well in the 2006 Congo exploration program.
A step out exploration well to the south-east of the M'Boundi field, MBD 2001, is expected to spud in mid March.
The four well exploration program in Egypt has now commenced with the spudding of the first well on the East Kanayis block, Washka Southwest 1, to the northeast of the block.
Finian O'Sullivan, Chief Executive Officer, commented:
'We are delighted to report continuing success in the development and appraisal program in Congo, and the commencement of exploration activities in Congo and Egypt. We look forward to an active exploration drilling program in three countries over the remainder of this year'
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