Arawak Energy Limited had total production from Kazakhstan and Russia in the first quarter 2008 averaging more than 11,820 bopd, with Kazakhstan production being partly curtailed in March due to both the seasonal snowmelt and regulatory constraints at Besbolek. Total production capacity from Kazakhstan and Russia currently stands at around 13,250 bopd.
The Company is planning to shoot a 2D seismic programme at the large East Zharkamys III exploration block later this year, and has now received confirmation that following a court action, its rights to this block which had been earlier suspended following the receipt of a letter from the Ministry of Energy and Mineral Resources, have now been fully restored.
Arawak has achieved production from new areas in both Russia and Kazakhstan.
In Russia exploration well 64 at the North Irael field has encountered oil in a previously undrilled pool in the centre of the block. Oil was also encountered at a deeper horizon than previously found, adding to reserves as well as proving up oil in the expected productive horizon. The well is currently being flow tested, but early indications are that the well has a capacity to produce at least 250 bopd.
The 80 sq km 3D seismic shoot at North Irael is now complete. Processing is currently underway and post interpretation, revised mapping will be available in June. The 40 sq km 3D seismic shoot over the newly acquired South Sotchemyu block is also approaching completion with interpretation and maps expected in the third quarter.
At Akzhar, the Company planned to drill eight wells (seven exploration or appraisal wells plus one development well) in the early part of 2008. This programme is close to completion, with six wells already drilled and two currently being drilled. Of the seven appraisal and exploration tests, five wells have encountered oil and will be completed as commercial producers. Three wells are currently on line and are averaging around 100 bopd each. Although most of these wells have penetrated multiple productive horizons, the current flow tests are only from single zones as comingling is not allowed during the exploration phase. Well 92 is of particular interest, as it is a significant step out from the main productive area, being 1.7 km from the nearest producing well. This test has proved up new reserves in multiple horizons by extending the productive areal extent in the "graben" area of the field.
At Besbolek, as previously reported, the Company had originally planned to drill a further three appraisal wells in the first quarter of 2008 before proceeding with the completion of the technical plan of development, which will allow the Company to move to the development phase for this block. Due to regulatory constraints, it has now been decided to prepare the technical plan of development without further drilling. Once in the development phase, the Company will be in a position to rapidly drill up the field and open up zones that have until now been constrained by the regulatory regime applicable to the exploration phase. The Company expects to complete the work required to move to the development phase in July this year.
At Alimbai, the Company continues its exploratory drilling programme and plans to drill at least four exploratory tests in the first half of 2008. To date in 2008, two wells have been drilled, wells 750 and 756, which have tested clean oil at rates in excess of 60 bopd and 125 bopd respectively. Both of these wells have also encountered multiple horizons (up to six different pay lenses), however the flow tests are only from the lowest single zone completion in accordance with the testing constraints in the exploration phase.
In the second half of 2008, the Company plans a 32 sq km 3D and a 200 line km 2D seismic shoot at Alimbai. The 3D programme will delineate the post salt shallow play while the 2D shoot will image the deep supra salt sediments.
As at year end 2007, Arawak had close to 1 million bbls proved plus probable reserves attributed to the Alimbai block.
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