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Gold/Mining/Energy : Bitech Petroleum Corp new well 2400 bopd
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To: Brian who wrote (13)11/25/1997 7:00:00 PM
From: Bob (Hijacked)  Read Replies (1) of 32
 
News

Well SK-202 tests in excess of 5,000 bopd

Bitech Petroleum Corp BPU
Shares issued 43,802,327 Nov 24 close $4.05
Tue 25 Nov 97 News Release
Mr James Clubb reports
The company has completed its latest well in the South Kyrtayel field,
SK-202. The well flowed at a stabilized rate in excess of 5,000 bopd. This
brings total average daily production from the field to levels in excess of
14,000 bopd with peak daily production exceeding 15,000 bopd. The well
included a 500 metre horizontal section. The cost of the well was in line
with expectations and amounted to approximately US$2 million.
The rig will now be moved to drill the next well on South Kyrtayel, SK-203.
The drilling time of that well will be extended due to the planned coring
of the reservoir and the well is expected to take approximately 50 days to
complete.
The well results mean that Bitech has exceeded its original forecast
production target for 1997. This was originally set at 10 - 12,000 bopd.
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