Stream has fulfilled its commitments and completed the evaluation phases on its three Albanian oil fields (Cakran-Mollaj, Gorisht-Kocul, Ballsh-Hekal). Plans of Development for each of the oil fields have been submitted to the Albanian authorities and approval is expected in the near future.
Stream is currently evaluating optimal financing arrangements to fund the Plans of Development. In parallel the management team is finalizing implementation plans once approvals are obtained. The Plans of Development include completing the takeover of all wells in the oil fields within the next 12 months. In addition, the Company is preparing the Plan of Development for its Delvina gas field, which is expected to be submitted prior to the end of 2009.
Subject to timely approvals and to raising appropriate funding, Stream intends to implement Improved Oil Recovery (IOR) techniques (managed reservoir recompletions) in certain of the recently taken over wells, with the objective of at least doubling existing production before mid year 2010. Through the balance of 2010, Stream will complete additional takeovers, enabling further IOR production increases, as well as carrying out technical planning for the future deployment of Gorisht water flood and Enhanced Oil Recovery (EOR) testing for the Cakran and Ballsh oil fields.
Dr. Sotirios Kapotas, Chief Executive Officer stated, "The submission of the Plans of Development is a significant milestone for Stream, demonstrating the effectiveness of our expanded team. The Company is now well positioned to increase production significantly through incremental and enhanced oil recovery techniques as we implement our development plans."
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