Cheetah Oil & Gas Ltd has confirmed an expected operational start date for the Kuru-2 well re-entry located on Petroleum Retention License PRL-13 in South Central, Papua New Guinea (PNG) in late April, early May 2006.
The Company is transporting the newly leased Simmons Drilling (Overseas) Limited, Challenger model 150-64 drill rig and all associated equipment (including personnel) to the Kuru-2 well using a helicopter.
There are approximately 100 loads and the helicopter can transport 7 to 10 loads a day. The Company estimates two weeks until the entire rig is on site. Simmons Drilling (Overseas) Limited will require around 1 week to prepare the rig to begin the re-entry of the Kuru-2 well.
The Company has re-engaged Haliburton Overseas Limited to assist in supplying major equipment including perforating, logging, production testing equipment and the appropriate staff to operate the equipment. This equipment will be the main stay of the re-entry program and is currently in transit from Singapore, expected to arrive in Port Moresby PNG on April 20th.
The re-completion of the well will involve re-entering the 7 inch casing, drilling out the existing cement plugs and running an ultra sonic imaging logging tool to evaluate the integrity of the casing and the condition of the cement bonding. Perforating guns will then be run to evaluate oil and gas potential in four intervals: a limestone unit in the Eocene, and three potential reservoirs in the lower, middle and upper Darai limestone.
Each of the four zones will be evaluated by flow testing or by swabbing the casing. Upon success an extended production test may then be conducted. Results from this high impact re-completion well will be released upon completion.
The Company is evaluating and exploring for energy resources on its 500,350 acre Petroleum Prospecting License (PPL)-246 and the 40,028 acre PRL-13 in South Central, Papua New Guinea.
