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Tuesday, January 21, 2014
Caracal Energy saw its production in Chad increase to approximately 12,000 bpd. It has placed the Badila-4 and Badila-5 on production at maximum producing rates of approximately 1,000 and 5,000 bpd respectively. This puts the company on track to achieve its first oil lifting in Q1.
The company spud the Mangara-6 development well in November and drilled it to a depth of 3,109 meters. Petrophysical evaluation in the Lower Cretaceous C sands proved the zone to be oil bearing. A DST over the Lower Cretaceous E sands successfully flowed oil to surface. Caracal cored 18 meters of E sand, which showed clear signs of oil pay. It believes that the E sands could have a positive impact on reserves. The company also saw production flow tests conducted over the Krim-1 C sands measure rates as high as 1,470 bpd and the D sands flow tested at up to 702 bpd. It also saw the Bitanda-1 exploration well drilled and cased. This well was spud on December 5 and the rig was released on December 31. Based on petrophysical interpretation, there is a potential of 38 meters of net reservoir interval in the Upper Cretaceous M sands and 66 meters in the D sands, which will be subsequently tested.
Caracal has finalized rig contracts and received definitive rig schedule from the rig contractor for an additional four drilling rigs and two completion rigs, bringing the total to six drilling rigs and three completion rigs. It also commenced its 2014 2D and 3D seismic acquisition program.
On the infrastructure end Caracal saw its Southern Processing Terminal commissioned. It also continued the construction of the Mangara Central Processing Facility, a 12-inch oil pipeline and a 6-inch gas pipeline; all of which are expected to be completed in Q1 2014.
Gary Guidry, CEO, said: “We continue to increase production as additional wells are brought on stream and facilities are commissioned. We are forecasting a 2014 exit rate of 40,000 to 45,000 bopd, an approximate 270 percent increase to the 2013 exit rate. While we did not achieve our 2013 exit rate of 14,000 bopd, with the recent commissioning of the South Processing Terminal, we anticipate meeting this target by the end of January. With the signing of the drilling rig contract, we have visibility on our 2014 and 2015 drilling program. We continue to be on schedule to move a drilling rig to the Doseo Salamat area at the end of the first quarter of 2014, which contains the Kibea discovery and targets approximately a billion barrels out of the total 4.1 billion barrels of gross mean unrisked prospective resources.”
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