A large number of completed wells are being readied for placing on stream in the Snezhnoye and Maiskoye fields with Imperial's own frac company, Imperial Frac Services, currently performing a seven well frac program on Maiskoye where a coiled tubing unit is also operating successfully. Early production is also now coming from the Festivalnoye and South Maiskoye fields, where drilling is also currently taking place, as well as the Dvoinoye field.
Accordingly, whilst the first six month production levels have, as already announced, been disappointing, Imperial's views with well founded confidence the prospects for material production growth in H2 2008 (restating its 25,000 bopd exit target for 2008) and continuing thereafter into the future. More detailed production analysis will be set out in the Interim Management Statement due end of August.
Imperial's confidence in its ability to deliver on its targeted production performances is underlined by the latest discoveries on Imperial's Kiev Eganskoye field and in particular the very recent successful test of the B8 Lower Cretaceous section, being substantially the best test results ever obtained by Imperial and the most prospective productive section yet identified on any of Imperial's fields, giving a test rate of 1,575 bopd clean light oil without perforation, pumping or stimulation. Interpretation of the final logs confirmed that the section tested has a porosity of 22% and permeability of 80 Md. Further, the logs identified similar cretaceous sands in intervals above the tested interval that have a porosity of 23%, a permeability of 100 md and appear to be oil bearing. A further three wells will be drilled in 2008 from the Rig 361 location targeting the B8 cretaceous reservoirs.
Following on from the excellent discovery in the Lower Cretaceous, Kiev Eganskoye well 361 has now successfully drill stem tested a 12 meter Vasuygen section of the Jurassic reservoir with clean light oil coming to surface at the rate of approximately 35 bopd through an open hole test without perforation, pumping or stimulation. This test demonstrates the potential for commerciality of oil production from that Jurassic reservoir.
In addition, Well 364 drilled by Heavy Rig 502 of Rus Imperial Group on the Kiev Eganskoye field, approximately 6km south of well 361 and down dip by 87 meters, has identified possible oil bearing sands in B8 and B9 Cretaceous and a fully oil bearing section of 12 meters thick has also been identified by cores and logs in the Jurassic J1-1 formation.
Kiev Eganskoye wells are now being intensively tested prior to application for registration of reserves. First production from Kiev Eganskoye, which is East of the OB River, Tomsk region, Russian Federation, field remains on track for September 2008.
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