Ireland-based Caspian explorer Dragon Oil has increased its first-half 2007 production by 52 percent to 28,300 barrels of oil per day, with an eighth new well planned for month’s end.
The drilling and pipeline building cost $100M during the first six months of 2007, but 5.1 million barrels of oil were produced with a realised price of $61.2 per barrel.
Three development wells — 21/117 and A/119 and 13/118 — were completed during the first-half of the year and a 50,000 bopd facility was commissioned to accept the flows of new infield pipelines.
Dragon drill bit raises more Caspian oil
Dragon Oil has struck oil from a rig in the Caspian Sea and has already has the drill bit in similar formation, it was understood Friday.
Perforation and flow-testing of confirmed 3,100 barrels of oil per day from three reservoir zones in well A/119 drilled by the Khazar jack-up drilling rig on the LAM A platform.
Well A/121, a second well in the west of the structure, has reached 2,000 metres amid high expectation.
Dragon is delineating the Dzheitun (LAM) oil and Dzhygalybeg (Zhdanov) Soviet-era gas fields in water between eight metres and 42 m deep. The fields give Dragon 27,000 barrels a day from 32 wells and seven platforms.
Blogalaxia Tags: Ireland,Caspian
