Jubilant Energy N.V. Drilling Update (7442A)

TIDMJUB

RNS Number : 7442A

Jubilant Energy N.V.

25 March 2013

Jubilant Energy NV

("Jubilant" or "the Company")

Spudding of the second well of Phase-III-Extension Development Drilling Campaign in oil producing Kharsang Field

Jubilant is pleased to announce that KPL-3E-4, the second well of the six well Phase-III-Extension development drilling campaign in the oil producing Kharsang Field, was spudded on 23 March 2013.

KPL-3E-4, located in the north-western area of the field, is being drilled as an infill development well with the H-00 reservoir as the primary objective and G-00 reservoir as the secondary objective. The well will be deviated by approximately 357 metres towards south-east from the existing plinth of well KSG#27 and will be drilled to a target depth of approximately 1082 metres Measured Depth ("MD") and 1,000 metres True Vertical Depth ("TVD"). The well is expected to take up to three weeks to drill.

The first development well of the current campaign, KSG#65 (previously referred to as KPL-3E-7), which was spudded on 18 February 2013, was successfully drilled to a revised target depth of 1,145 meters MD and 1,111 metres TVD on 10 March 2013. Based on the results of wire-line log interpretation, drill cuttings, side-wall cores and formation pressure data from the Reservoir Dynamic Tester, nine potentially hydrocarbon bearing sands have been encountered in the well, a total net pay of 44 metres, out of which eight appear to be oil bearing. The company will be testing the first sand and expects to put into production within 2 weeks. A further announcement will be made in due course regarding the actual tested rates. The KSG#65 well will be tested with the smaller capacity work over rig which is currently being mobilized to site.

GeoEnpro Petroleum Ltd., a joint venture between GeoPetrol and Jubilant Enpro (a member of the wider Jubilant Bhartia Group), is the Operator of the Kharsang Field. Jubilant holds a 25 percent interest in the block through its subsidiary, Jubilant Energy (Kharsang) Pvt. Ltd. The other members of the consortium are Oil India Ltd. and GeoPetrol.

 
 Enquiries: 
  Jubilant Energy      Vipul Agarwal                 +91 120 4025700 
 Panmure Gordon      Callum Stewart, Adam James    +44 20 7886 2500 
 Deutsche Bank       Rajat Katyal, Drew Price      +44 20 7547 8000 
                     Matthew Tyler, Alexandra 
 College Hill         Roper                        +44 20 7457 2020

Competent Person's - Consent for Release

Mr Ramesh Bhatia - Chief Operating Officer, holds a Master of Science Degree in Applied Petroleum Geology and has over 20 years of experience in the Oil and Gas Exploration, Development and Production industry. He has reviewed and approved the technical information contained in this announcement pursuant to the AIM guidance note for mining and oil and gas companies.

This information is provided by RNS

The company news service from the London Stock Exchange

END

DRLQELBLXXFXBBV

Jubilant Energy (LSE:JUB)
Historical Stock Chart
From Jul 2024 to Aug 2024