3rd Feb 2014 12:49
LONDON (Alliance News) - Jubilant Energy NV Monday said it has achieved successful testing and production of the sixth well on its phase III extension at the Kharsang Field in India.
The oil and gas exploration and development company with operations in India and Myanmar, said the KSG#70 well has successfully tested for oil and has been put into production at an initial gross rate of 38 barrels of oil per day by artificial lift.
The company said the well, which first went into test production in August 2013, drilled to a revised depth of 1,075 meters and identified a total net pay of 64.6 metres, out of which 38.2 metres appears to be oil bearing.
Jubilant said initial production testing was carried out on two zones in September and are currently producing a rate of around 38 barrels of oil per day.
The company said the fifth development well of the campaign has been successfully tested for gas and is recognised as a potential gas well for future production.
GeoEnpro Petroleum Ltd is the operator of the Kharsang Field while Jubilant holds a 25% interest in the block through its subsidiary Jubilant Energy Kharsang Pvt Ltd.
Jubilant Energy shares were up 20.3% to 8.73 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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