FIELD ACTIVITIES / Carpatsky Petroleum - Another Well Spudded: #100K
ASE SYMBOL: KPY
FEBRUARY 10, 1998
CALGARY, ALBERTA--CARPATSKY PETROELUM INC. (KPY-ASE) ("Carpatsky")
is pleased to announce the spudding of its sixth development well
in Rudovsko Krasnozavodsky gas condensate field in Ukraine. Well
# 100K is drilling ahead below 1,219 meters toward a proposed TD
of 5,500 meters.
Three other wells in the same field are simultaneously being
drilled as follows:
/T/
Well Number Current Depth Proposed Total Depth
104 5,252 meters 5,820 meters
109 4,599 meters 5,200 meters
111 4,552 meters 5,200 meters
/T/
Two wells in the field, #102 and #106 have already been drilled to
total depth, 5,792 meters and 5,150 meters respectively.
Production casing has been set in those two wells and they are
awaiting completion. Electric logs indicate 114 feet (34.8
meters) of net effective pay in well #102 and 115 feet (35.06
meters) in well #106. Torch Energy Advisors, Inc., which provides
Carpatsky with technical, financial and management services on a
contractual basis, is preparing the completion procedures for
these two wells. The aim is to have them on production by the end
of the second quarter. A 15,000 pound/sq. inch wellhead is now
being assembled under Torch's direction in Houston, and will be
airlifted to Ukraine to be used in the completion of the deeper
well, #102. Other equipment, including perforating guns and
charges will follow.
Leslie C. Texas, President and CEO of Carpatsky, stated that: "The
strengthening of our technical, financial and management
capabilities by the addition of Torch Energy Advisors, Inc. to our
team, and our progress in the development of the Rudovsko
Krasnozavodsky field, gives me confidence that Carpatsky will now
realize the underlying net asset values and cash flow potentials
from our Ukrainian projects. It also gives us the green light to
pursue additional large Ukrainian projects, two of which are
currently being reviewed and evaluated." |
