Well 103 was successfully perforated in the J2 Jurassic horizon at intervals between 3,794 – 3,799 meters and produced back on test at an average daily rate of 350 barrels per day condensate along with associated gas at 1500 psi flowing tubing pressure on a 12/64" choke with traces of water. Gas condensate is a very high quality form of oil found in the presence of natural gas, the market price of which has historically exceeded that of local Urals blend crude oil.
The well test will continue for a period of 90 – 120 days, during which time the daily production rates along with other data will be measured and recorded for further analysis to determine the reservoir characteristics and overall productivity of the well. At the end of the testing period the results will be submitted to independent reserve auditors DeGolyer & MacNaughton for further review and evaluation.
Construction of the ice roads to the next exploration well, Well 105, has been completed and the drilling rig mobilization has begun. Well 105 is to commence drilling in the second quarter of 2007.
Commenting on the preliminary well test results, Managing Director William Kelleher said, "We are very excited about the initial well testing response from Well 103. Although we are still in the preliminary stages, we are encouraged with what we see. We will now allow the well to continue producing for the remainder of the testing period, during which time we will closely monitor the results while we continue the drilling rig mobilization to our next location at Well 105."
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