Crude Oil Well No 116 Production Results

RNS Number : 6341F

Zhaikmunai LP

19 June 2012

 

Zhaikmunai L.P.

(the "Partnership")

CRUDE OIL WELL #116 MEETS EXPECTATIONS WITH A

PRODUCTION RATE OF 945 BARRELS OF OIL PER DAY

Zhaikmunai LP (LSE: ZKM), the oil and gas exploration and production enterprise, is pleased to announce production rates of 945 barrels of crude oil per day from its Well #116 meeting management's expectations. Well #116 is located in the north-eastern part of its Chinarevskoye field in Kazakhstan and is currently characterised as follows:

·     Formation:                           Lower Carboniferous Tournaisian carbonate

·     Initial production rates

(at average wellhead pressure of 21 bars and at choke size of 26mm):

·     Crude oil:                945 barrels of oil per day

·     Gas:                        65,000 cubic meters per day

CONFIRMATION OF NEW SIDE-TRACKING TECHNOLOGY'S SUCCESS

Well #116 was drilled as a deviated directional oil production well for the Tournaisian reservoirs using the same technology as in side-tracked well #24. The afore-mentioned production rates were obtained after a two-step perforation and treatment of relatively low permeability reservoir intervals (0.5-5.0 mD), which were followed by the higher permeable intervals. The excellent results obtained confirm the success of applied directional drilling and well stimulation technology for the Tournaisian reservoir in the north-eastern part of the Chinarevskoye field.

Kai-Uwe Kessel, CEO of Zhaikmunai, commented:

"Both well #116 and recently completed well #24 have confirmed Zhaikmunai's new side-tracking and well stimulation technology. Initial crude oil production rates for these two wells taken together have exceeded our expectations and have resulted in an increase of total crude oil production to a level of 7.400 bbl per day. This brings Zhaikmunai closer to reaching its target production of 8.000 bbl per day for crude oil, which we are confident to reach shortly following the scheduled tie-in of a further crude oil well."

For further information please visit www.zhaikmunai.com

Here you can download the pdf file from this press release.

Further enquiries

Zhaikmunai LP 

Bruno Meere, Investor Relations Officer

[e-mail]                               [phone]

Pelham Bell Pottinger

Philip Dennis

Elena Dobson                                                               [phone]

About Zhaikmunai

Zhaikmunai is an independent oil and gas enterprise currently engaging in the exploration and development and production of oil and gas. It is listed on the London Stock Exchange (Ticker symbol: ZKM). Its principal producing asset is the Chinarevskoye Field located in north-western Kazakhstan. Zhaikmunai L.L.P., a wholly-owned subsidiary of Zhaikmunai L.P., holds a 100% interest in and is the operator of the Production Sharing Agreement for the Chinarevskoye Field.

Forward-Looking Statements

Some of the statements in this document are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of the Partnership or its officers with respect to various matters. When used in this document, the words "expects," "believes," "anticipates," "plans," "may," "will," "should" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcomes to differ materially from those suggested by any such statements.

 

END

 

 

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