FIELD ACTIVITIES / Hurricane Hydrocarbons brings Field into Production
CALGARY, Jan. 8 /CNW/ - Hurricane Hydrocarbons Ltd., a Calgary based
company with extensive oil reserves and operations in the Republic of
Kazakhstan, ended 1997 by successfully bringing the South Kumkol field into
production. South Kumkol has estimated proven and probable reserves of 33
million barrels of oil. Three wells are currently producing at a rate totaling
more than 5,000 barrels of oil per day (bopd). Four wells are in the process
of being tied in and additional delineation wells will be drilled in 1998.
The company's production exit rate for 1997 was approximately 58,600
bopd. Hurricane targets a 1998 exit rate of 90,000 bopd with an average of
72,600 bopd. The domestic Kazakhstani selling price for crude remained firm
in 1997 and the company expects the same in 1998. The product sold in
Kazakhstan is independent of world oil pricing.
Hurricane's fiscal year end has been changed from June 30 to December 31,
starting December 31, 1997. The company's estimated capital budget for 1998
is US $169 million. The focus will be on field and infrastructure development
to increase reserves and production with a continued commitment to
occupational health and safety, and employee training.
Hurricane is an international exploration and development company focused
on Kazakhstan, a resource rich country in Central Asia. Hurricane's oil
reserves have been estimated at 389 million barrels by McDaniel & Associates
Consultants Ltd., as at September 1, 1997.
Hurricane Hydrocarbons Ltd. is listed on the Alberta (ASE) and Toronto
(TSE) stock exchanges under the trading symbol HHL.A and on NASDAQ under the
symbol HHLAF. Hurricane is a member of the TSE 300 and TSE 200 composite
indices. |
