Cairn Energy Drills New Production Well At Bangladesh Field

CARACAS May 03, 2007 (Dow Jones Newswires)

U.K.-based Cairn Energy (CNE.LN) has finished drilling a new production well at its offshore Sangu field in Bangladesh, a senior official with state-owned Petrobangla said Thursday.

"The Sangu-10 well has just been completed and the West Janus was released from the platform Tuesday," said the official.

The new well was drilled to maintain Cairn's daily gas output of around 170 million cubic feet a day after production from its Well 4 declined, the official said.

Six wells in the field, which had a reserve of about 950 billion cubic feet when discovered in 1996, are currently in production.

The Sangu field has produced in excess of 400 billion cubic feet of gas since the start of production in 1998 and generated gross revenue in excess of $830 million, according to Cairn Energy.

Copyright (c) 2007 Dow Jones & Company, Inc.

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