December 31, 2015
December 14, 2015
• T-501 and T-505 horizontal wells drilled. Logs suggest both to have better quality oil pay than earlier wells. Workovers in progress to improve initial flow rates.
• T-509 vertical injector well drilled. Potential for oil production before conversion to be tested.
· Workover programme to increase production is planned for January 2016.
· Southern portion development progressing with well pad currently under construction.
· Significant field reserve upgrade anticipated based on new well and seismic data.
· Oil in Place estimates upgraded based on new seismic data; 2P reserves expected to increase significantly.
September 29, 2015
• Current gross production from Licence 61 is about 2,700 bopd.
o Represents a 46% increase in production in 2015.
• New wells drilled at Tungolskoye, Sibkrayevskoye, West Lineynoye and Arbuzovskoye during period.
September 18, 2015
September 10, 2015
• T-502 horizontal well brought on line at sustained rate of over 450 bopd.
• T-503 horizontal well currently producing at around 400 bopd.T-507 control well and water injector spudded on 25 August.
August 12, 2015
• L-10 horizontal well brought online at a sustained rate of 230 bopd.
• L-10 result confirms short segment horizontal drilling greatly increases flow rates.
• T-503 horizontal well continues to produce at a sustained rate of over 500 bopd.
• T-502 horizontal segment drilling in progress.
• T-508 control well and water injector drilled in 17 days.
• Current gross production from Licence 61 is about 2,600 bopd.Represents a 41% increase in production thus far this year.
July 22, 2015
• T-503 horizontal well brought online at sustained rate of over 550 bopd.
• Latest test rate was 675 bopd.
• Processing and interpretation of 1,000 km of high quality 2D seismic underway.
• Early indications suggest that the Sibkrayevskoye structure is larger than previously understood.
June 30, 2015
June 23, 2015
· Licence 61 Farmout to Oil India Limited completed in July 2014.
· Total investment by Oil India will be up to US$85 million.
· Licence 61 Farmout has left the Company debt free and is funding a major well drilling campaign.
· Drilling recommenced in August 2014.
· Production 728,826 barrels of oil from Licence 61 in 2014.
May 22, 2015
• Sibkrayevskoye No. 373 appraisal well flows 100 bopd (stabilised, unstimulated natural flow) and confirms 11.5 m net oil pay. Flow rates with a pump would be considerably higher.
• Acquisition of 1,000 km of high quality 2D seismic completed.
March 20, 2015
• Tungolskoye Development drilling contract awarded to Eurasia Drilling, one of the largest drilling companies in Russia
• Arbuzovskoye further wells now on production
• Sibkrayevskoye No. 373 appraisal well has spudded, result expected in April 2015
February 3, 2015
· Tungolskoye No. 5 well tested at over 600 bopd and is now in production
· Development of Tungolskoye to proceed immediately
o 11 well Tungolskoye campaign to commence in Q2 2015
o Tenders awarded for drilling and for the development of additional infrastructure at Tungolskoye
Arbuzovskoye & Sibkrayevskoye
· Arbuzovskoye 103 well now in production at a stabilised average rate of 125 bopd and confirms southern lobe of field
· Arbuzovskoye 104 well drilled with 5.4 metres of net pay, expected on production shortly
· Arbuzovskoye 107 well has been spudded