FIELD ACTIVITIES / Naftex Energy Corporation - Spudding of Rabeh-3;
Clean oil production from Rabeh field; Start of construction of
additional storage tanks
VANCOUVER, Nov. 23 /CNW/ - NAFTEX ENERGY CORPORATION
Trading Symbol: NFTX
NAFTEX ENERGY CORPORATION (the ''Company'') is pleased to announce that
Rabeh-3 was spudded on November 19, 1998. The well is currently drilling
ahead at 2,000 feet in the South Gharib Formation, with a planned total depth
of 6,300 (-6,150) feet in Basement. The well is designed to test the updip
position of the oil bearing Matulla reservoir section tested in Rabeh-2.
Following workover, oil production from the Nukhul reservoir has been
resumed from both Rabeh-1 and Rabeh-2. Average oil production from both wells
is approximately 2,100 BOPD of 28.5 (degrees) API crude with no water cut.
This production rate is limited by storage capacity presently available in the
field.
The construction of two 2,200 barrel storage tanks is underway and is
expected to be completed in time for production to be tied-in from Rabeh-3.
After completion of these tanks, storage capacity will reach 6,500 barrels,
enabling the Company to sustain higher continuous production rates.
The Operator of the WEEM Concession is ESHPETCO, a joint venture
operating company set up between Coplex (Egypt) Limited, Cabre Exploration
(Cyprus) Limited (''Cabre'') and the EGPC to conduct operations on the WEEM
Concession. The Company and Cabre each beneficially own a 50% interest in the
WEEM Concession. |
