TomCo Energy Updates Heletz Field Production Operations

Source: www.gulfoilandgas.com 11/25/2008, Location: Middle East

TomCo Energy plc, which has investments in conventional oil production in the United States and Israel, is pleased to provide an update on production operations at the Heletz Field, Southern Israel, where the Company has a substantial interest.

The Heletz Field was brought back on production at the start of July 2008 and since then a total of four wells (H-1, H-37, K-27 and K-29) have been produced. Since our last production update (22nd August 2008) one of these wells, K-27, was shut-in due to low production volumes; a workover of this well commenced 15th September 2008 and was completed on 6th October 2008, and involved cleaning out the wellbore and re-perforating known producing formations. Following several weeks of pumping and clean-up, the well is now producing again at a stable rate and the operator expects it to continue to produce 10 to 15 bopd over the medium term. Estimated remaining reserves are 28,100 bbl. A second well has also been shut-in for mechanical repairs but is expected to be back on production in the next two weeks.

The average gross production at Heletz since start-up in July has been 50 bopd, although it was producing 65 to 70 bopd at times in August when all four wells were on stream.

TomCo and its partner in the field, Avenue Energy Inc, plan 5 further well workovers and 2 infill wells to be drilled in 2009, with the intention of bringing field production above 300 bopd by the end of the year.


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