Stream O&G completed its second mid-depth well workover in its Cakran-Mollaj oil field, which the Company took over in March 2010. The results of the workover increased well production to 82 bopd, averaging nearly 100 bopd on wells worked over in 2010, which is a substantial increase over preexisting average well production of 15 bopd. Stream's current gross oil production is 850 bopd, not including gas and associated NGLs. The results of this well increased Stream's total net production from the oilfields by 13% to 477 bopd.
Stream will continue to optimize the associated production equipment, periodically interrupting the well's operation with the aim of further increasing well productivity while concurrently acquiring additional reservoir data in preparation for future workovers. The successful application of technology over the remainder of the field is expected to provide significant production growth for Stream. The Cakran-Mollaj oil field is estimated by Management to have approximately 550 mmbbls of original-oil-in-place, of which less than 8% has been recovered to date.
"We're extremely pleased with the results of our first two workovers in the field," said Dr. Kapotas, President & Chief Executive Officer. "This clearly demonstrates our ability to increase well productivity rates, improve access to the large oil resource at Cakran-Mollaj and achieve value additions for the Company and its shareholders."
Stream has near term plans to workover 23 additional wells and to reactivate another 10 existing wells at Cakran-Mollaj. Future plans for the oilfields include increasing oil recovery through the potential application of enhanced oil recovery techniques and infill drilling.
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