18th Sep 2013 11:48
LONDON (Alliance News) - Caracal Energy PLC Wednesday said a number of its Chad-based explorations projects are progressing well despite some delay in drill testing at one of its sites.
In an operations update, the oil firm said its Krim-1 Exploration Well showed good porosity intervals with good oil shows in the Cretaceous C and D sands after it carried out drilling tests.
The Mangara site also showed good oil-rate flows, while tests at its Badilla project encountered some delays due to fishing operations to retrieve a stuck logging tool. Despite this, the well has reached total depths and penetrated the Cretaceous C, D and E sands.
Wireline logging is now underway prior to running production casing and testing the well, Caracal added.
The firm has begun constructing the access road and well site for the Bitanda exploration well, adjacent to the Badila field and anticipates spudding the Bitanda in due course.
The stock was trading at 462.00 pence Wednesday afternoon, up 10.00 pence or 2.2%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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