Initial Production at Timan-Pechora Well Averages 1,230 BPD
PrimeGen has announced the initial production for the Kochmesskoye # 5 well at Timan-Pechora, Russia. The well commenced commercial oil production on September 12, 2009, and the Company has received production results for the first 12 days. Total oil produced and sold was 15,300 barrels with an average daily production rate of 1,230 barrels per day.
"The Kochmesskoye # 5 well is the fifth of a multi-well program drilled at Timan-Pechora by PrimeGen. The 2009-10 development program calls for the drilling of a minimum of 30 wells to develop the field. When fully developed, the 30 wells could yield a daily production rate at Timan-Pechora of 35,000 barrels per day. Using current pricing for Timan-Pechora crude oil, PrimeGen has confirmed that the new well alone has generated $995,000 in revenue or a projected $29.2 million per year. Currently, oil at Timan-Pechora has been priced at over $65.00 per barrel.
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