Sky and Crescent to drill second well
Posted: 31 July 2006
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Sky Petroleum and Crescent Petroleum will drill a second well in the United Arab Emirates˙ Mubarek Field.
The well will be drilled on the northwest of the field proximal to the K1 location. Mubarek K1 was drilled as Thamama producer (a deeper gas condensate reservoir underlying the Ilam/Mishrif) and electric log readings over the Ilam/Mishrif section indicate good oil saturated reservoir.
Drilling is expected to begin in September.
Crescent has also continued evaluating the H2 well over the past month. The well has stabilized and an MPLT production log will be run again to provide further data on productivity from individual zones in the well.
Based on the results of this logging run an assessment will be made on the merits of increasing choke size, changing the gas lift parameters and re-stimulating the well. In the interim, the well is continuing to produce just over 200 barrels of oil per day, with high water cut.
"We are currently generating revenues of approximately $200,000 per month and believe we will see improved income from the Mubarek Field when both wells come fully on line later this year," said Brent Kinney, chief executive officer of Sky Petroleum, Inc. "We are also continuing to look at other oil and gas opportunities that will add shareholder value." |
