Pacific Tiger Commences Production from Wichian Buri Field
Pacific Tiger Energy has, as operator, completed initial production testing of its three new wells using natural flow and jet-pump production. Management has interpreted these results to indicate an increase in total production to over 700 barrels of oil per day (bopd) from the field (net to 420 bopd to Pacific Tiger). Furthermore, the Company expects initial production from the three wells of over 500 bopd (Pacific Tiger share: 300 bopd) based on these tests. The three wells on the Company's Wichian Buri field onshore Thailand - WB N4, N5 and N6 - are now being commissioned for permanent production from the F sandstone reservoir. The Company is currently completing pump optimization. No significant additional capital expenditures are required for these wells at this time.
"We are extremely pleased with these results for both the immediate return and the long-term implications," said the Company's CEO Mike Cvetanovic. "A 100% success rate and initial quadrupling of production in a time of high oil prices represents a tremendous boost to immediate cash flow."
Mr. Cvetanovic said the longer term implications of N4, N5 and N6 are equally significant. "Analysis of pressure data acquired during testing has indicated the reservoirs are the best encountered by the Company to date and capable of excellent deliverabilities. The wells, situated in the northern part of our Wichian Buri Production License acreage pave the way for more appraisal and development drilling as we move higher on the structure."
The Company is planning to drill three more wells in close proximity of the new wells in the first half of 2003. In other production news, PTE is considering the most efficient ways of testing additional oil-bearing zones identified on all three Phase II wells.