The ZMA-ET1 well has been connected to temporary production facilities for long-term production testing and is currently producing at a stable rate of approximately 650 bopd barrels of oil per day from perforations in the T4 Triassic reservoir at depths from 1,282 to 1,288 metres. The current production rate has been restricted to 650 bopd while the Company monitors the level of gas production from the well.
The Company has also perforated the ZMA-ET2 appraisal well, successfully flowing 48 degree API oil at an equivalent rate of approximately 450 bopd from perforations in the T5 Triassic reservoir from depths of 1,315 to 1,321 metres during a limited flow-back period. The well will be connected to temporary production facilities and brought onto long-term production testing in August 2011. The Company expects the well to produce at a stabilised rate of approximately 500 bopd.
Michael B. Young, President and CFO, commented:
“We are on track to increase aggregate daily production during the current quarter to approximately 3,500 bopd, which is a significant milestone for the Company.”