Canadian Natural Resources West Africa Test Well Comes In
Canadian Natural Resources Limited announces that its wholly owned subsidiary in Cote d'Ivoire, has successfully appraised the Baobab oil discovery in deepwater offshore block CI-40. The Baobab 2X well was drilled to a total depth of 2,880 meters in a water depth of 1,540 meters. Hydrocarbons consistent with those tested in the Baobab 1X discovery well drilled in 2001 were encountered within the Albian Formation.
A drill stem test is currently being performed. Flow rates in excess of 10,000 barrels of oil per day constrained by testing equipment have been achieved at a flowing wellhead pressure of 750 psi on a 60/64`` choke from 300 feet of net pay. The well will be suspended for future use and the results from the test will be used to optimize field economics and planning of a development scheme. The discovery well Baobab 1X was tested March 2001 at 6,700 barrels per day. The success of both of these wells increases the confidence in the economic development of Baobab which is now estimated to have original oil in place in excess of 700 million barrels, and recoverable reserves in excess of 150 million barrels.
Canadian Natural will test the Kossipo structure (approximately 8 kilometers south-east of Baobab), which is similar to the Baobab structure. The results from the Kossipo well will determine the optimum development plan for the Baobab pool.
Block CI-40 was awarded under a Production Sharing Contract by the Government of Cote d'Ivoire on April 9, 1998. The Participants in the Contractor Group are:
Canadian Natural Cote d'Ivoire subsidiary (Operator) 61%
Svenska Petroleum Exploration Production AB 29%
Petroci Holding 10%
The Baobab discovery is located eight kilometers to the south of the Espoir field located in Block CI-26, another of the four blocks operated by Canadian Natural offshore Cote d'Ivoire. The Espoir field commenced production on February 4, 2002 and development activities continue.