Transmeridian Exploration Achieves Production Milestone
Transmeridian Exploration has achieved daily production of approximately 3,100 barrels of oil from its South Alibek field in Western Kazakhstan following the acid stimulation of two previously drilled wells. The two wells are part of an ongoing workover program using high-volume/high-velocity acid stimulations of previously completed wells to increase production rates from those wells. At least two additional wells are scheduled for acid stimulation in September 2006.
"We are very pleased with the results from the first two wells in the workover program,'' commented Lorrie T. Olivier, President and Chief Executive Officer. "Although our production rate will fluctuate somewhat as wells are taken offline for stimulation, we expect a similar increase in production from the next two workovers. Together with the four wells currently being drilled, which are scheduled for completion in late September and early October, and with at least five more wells to be completed within the next six months, we are well on the way to achieving our target production rate of more than 10,000 bopd from the South Alibek field within that time period.''
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