The well has one oil bearing zone that is now put on test production on the Bogdavnovskaya license. Initially the oil is pumped and stored at tank facilities by the well after it is transported to the seller by trucks.
"This is a very important milestone for Aladdin Oil & Gas Company ASA. We are now taking the step from being a pure exploration company to also becoming a production company. At the same time the results from the test production shows some of the potential that the seven wells in Orenburg have", says Espen Glende, CEO in Aladdin Oil & Gas Company ASA, in a comment.
Aladdin Oil & Gas Company has already prepared for the work over on the next well on Bogdanovskaya license. In addition, the company is planning to have a second work over rig to work in parallel on an additional well.
"The test production from the first well is promising and we are now monitoring to see what the stabilized oil production rate will be from the first well. Subsequent wells are expected to yield even higher production as they contain several oil bearing zones. We maintain our production target of 700-1000 bbls/day when all wells are completed", says Glende.
Additionally the company is preparing for the drilling program starting in 2008 based on the 3D seismic that was shot earlier in 2007. The analysis from the Russian interpretation shows up to 10 additional prospects that are considered for drilling.
"This is very exciting and will increase our short term plan of reaching a target of 700-1000 bbls/day from the existing wells", says Glende.
Aladdin Oil & Gas Company ASA is an exploration and production company based in Norway, head office is in Olso and the shares are traded on the OTC list, ticker AOGC. The company owns the Russian oil company OOO Geotechnologia which holds two licenses in the Timan-Pechora province in Northwest Russia, as well as the company ZAO Orneftegaz in the Orenburg area. The company has around 80 employees and intends to be traded on Oslo Axess during 2007. The company's largest shareholders are Paal Hveem, Vollvik Invest AS and Arild Nilsen.
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