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Peak Petroleum Industries Nigeria Limited and Equator Exploration Limited reports that the Bilabri D2 well was drilled to a deviated depth of 2,912 meters (2,578 True
Vertical Depth). The well was logged successfully but as it encountered the C1
sands 48 meters shallower than expected it was unable to test for oil in the C1
objective. However, the well encountered approximately an 8 meter column of oil
in the C2 sands of the reservoir. The C2 oil is of excellent quality with a 39 degree
API. The existence of this oil column is significant in that it was not
anticipated to encounter oil bearing portions of the C2 sands at this location.
The well was subsequently sidetracked for geological reasons to a deviated depth
of 3,220 meters (2,386 meters True Vertical Depth). Operations were ceased after
the bottom-hole drilling assembly became stuck and could not be recovered.
The well was suspended for future sidetracking and completion as a C2 production
well for the Bilabri development. Evaluations of the drilling results are
ongoing. The Bulford Dolphin will leave the D2
drill site and begin work on the next appraisal well. This next well, the
Bilabri D3 well, is anticipated as having similar depths and objectives as the
D2 well. It is expected that the rig will return to the D2 well in early 2007 to
complete the well as a production well to be tied into the Bilabri development.
The D2 well is the culmination of a two well drilling commitment in which
Equator has committed to fund the cost of two wells to earn a 40% economic
interest in the Bilabri field area.
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