droog's translation:
Interesting that today's press release caused a drop in price. I guess everyone was waiting for the flow rates to meet or exceed Issaran #10. We are averaging 425BOPD per new well. This is still fantastic! It is quite unfortunate that they couldn't complete Issaran #11 due to the holidays. After re-reading the press release (between the lines!), I found it to be extremely positive. Everything seems to point towards additional oil coming our way. This is only my interpretation of the press release.
SCIMITAR HYDROCARBONS CORP ("SIY-V;SHYCF-L") - Production Results of Well No. 11 Issaran Field, Eqypt
Mr. Angus A. Mackenzie, Chairman of the Board of Directors and Chief Executive Officer of Scimitar Hydrocarbons Corporation is pleased to announce that Scimitar has completed the Issaran Well No.11, the second well of its current drilling program in the Issaran oil field, Egypt. The well was drilled to a total depth of 2,432 feet on November 25, 1999. It encountered 35 feet of net pay in the Gharandal and 48 feet in the Dolomite formation. The well was perforated in the Gharandal section as a first step to test flow rates in early December 1999. First 24 hours of production averaged 150 BOPD.
(We should get more production once the well cleans up)
After evaluation of the Gharandal zone and optimizing the well by installing a PC pump in early January 2000, the Company plans to perforate the 48 feet of net pay in the Dolomite formation in the near future.
(More oil coming!)
The Issaran well No.11 was drilled on a separate fault block and opens up a new area of the oil field for further development drilling.
(NEW AREA, SEPARATE FAULT, more drilling, more oil!)
Scimitar plans to drill Issaran Well No.12, the third well of its development program, in mid. January 2000. This well will be drilled as an offset to the Issaran well No.10.
(Issaran #10 has a flow rate of 700BOPD so far, as an offset, can we predict similar results with Issaran #12? I would think so. Hence, more oil!)
A program of continuous development drilling is proposed thereafter.
( This is great news as it confirms J.Oils rumor of additional wells being drilled. Hence, more oil!) |
