Completion work undertaken on Caspian Oil & Gas’s Mailisu III #5 well in the Kyrgyz Republic has resulted in significant oil flows and enhanced the possibility of the Company developing its first commercial field.
The well is now producing at a rate of over 60 barrels of oil per day (bopd) of free-flowing (no pumping) clean oil with minimal water from Beds V & VII at the Mailisu III field, where a mean Original Oil in Place (OOIP) of 4.5 million barrels has been identified.
This excellent result comes after overcoming water problems associated with poor cementing down hole, followed by perforation of Beds V & VII.
The Company believes that Mailisu III wells #5 and #3 may have better quality reservoir rocks than its earlier wells, which flowed at lower rates under pump. Caspian’s well completions team will shortly move to the Mailisu III #3 well for similar remedial work, isolating a lower water zone and perforating the Bed V reservoir zone.
The #3 well took a small kick which flowed oil to the surface during drilling and it is expected this well will also be capable of free-flow.
The flow rate at Mailisu III #5 has been working up over the past five days, from around 30bopd to over 60bopd currently, delivering more than 250 barrels at an average to date of more than 40bopd. If these rates can be maintained, Mailisu #5 will add significantly to Caspian’s oil production and revenue.
Caspian has a 70% interest in the Mailisu III field - which lies adjacent to the 42 million barrel Mailisu IV field on the northern flank of Central Asia’s Fergana Basin - which has already seen over 700,000 barrels of oil extracted down-dip from an exclusion zone within Caspian’s lease area. The Company considers an additional 500,000 barrels of recoverable oil from a much larger area (some 4,000 acres) up-dip is plausible.