Aladdin Scores Significant Gas Discovery on License in Timan-Pechora
Aladdin Oil & Gas Company ASA has drilled another successful gas well on the MS-license in Timan-Pechora in Russia. The well indicates that the structure is larger and the gas zone is thicker than previously thought.
Aladdin has drilled a production well on the Middle Sedolskaya-license, which the company holds 100%, in the Timan-Pechora region. The well (MS 1C) has been drilled to total depth and has approximately 20m of gas bearing reservoir; 658-668m, 669-678m, 682-685m.
670-672m has been perforated and shows substantial quantities of gas. Testing is in progress and the results are expected in the near future. The test will subsequently be expanded to several zones in order to identify the total production potential of the well. The pressure in the reservoir is excellent.
Interpretation of the electric logs from MS 1C has provided the following reservoir information:
"Commercialization of the gas discovery will provide the company with a substantial production- and revenue contribution in 2009," said CEO Espen Glende. "According to a decree from the Russian authorities in January of this year; the gas prices in Russia will increase with 28,6% in 2008, 19,9% in 2009, 28% in 2010 and 40% in 2011. This indicates a radical revenue growth from the company's gas deliveries the next 4 years."
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