Caspian Oil Updates East Mailisu #1 Operations

Source: www.gulfoilandgas.com 10/29/2009, Location: Asia

The East Mailisu #1 well has been plugged and abandoned following non-commercial oil and gas intersections in the well. The well was drilled to a total depth of 1,120m and while fair-good shows were recorded in Bed V over the interval 751-754m (oil) and Bed XIV 1016-1021m (gas), wireline logging data indicated that Bed V was thin and had very low porosity while Bed XIV indicated high water saturations (60%). While it is likely that some oil and gas may have been able to be produced from these zones, local experience indicates that the rates and volumes were unlikely to produce a commercial outcome even on a go-forward basis.

The rig will demobilise to the Mailisu III #6 location. This well is an appraisal well and is located in the south-eastern corner of the Mailisu III licence just outside an exclusion area. Total oil production from the exclusion area is close to 700k bbls. The closest well, Mailisu #115, some 400m distant, has produced close to 300,000 bbls with minimal water. While the main risk is that the reserves have been partially drained there is strong evidence that further infill drilling can be commercial. A recent infield close offset well located some 4km to the south of Mailisu III saw good production (300-400bopd).

Caspian has a 70% interest in the Mailisu III licence but will retain 100% of any oil production until costs have been recovered.


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