JUB Jubilant Energy

TIDMJUB

RNS Number : 0946Z

Jubilant Energy N.V.

03 February 2014

3 February, 2014

Jubilant Energy NV

("Jubilant" or "the Company")

Successful Testing and Production of Sixth Well of Phase-III Extension Development Campaign in the Oil Producing Kharsang Field

Jubilant is pleased to announce that KSG#70 (previously referred to as KPL-3E-5), the sixth and last development well of the Phase-IIIExtension drilling campaign in the Kharsang Field, Arunachal Pradesh, has successfully tested for oil and has been put into productionat an initial gross rate of 38 barrels of oil per day ("bopd") by artificial lift.

KSG#70 was an infill development well in the northern part of the Kharsang Field with the D-00 reservoir sand layer as primary objective and G-00 and G-60 sand layers as secondary objectives. The well, spud on 2 August 2013, was successfully completed drilling to a revised target depth of 1,075 meters Measured Depth ("MD") (1,003.3 metres True Vertical Depth ("TVD")) on 17 August 2013.

Based on the wire line log interpretation, mud log shows and formation pressure data from the Reservoir Dynamic Tester, the Consortium identified total net pay of 64.6 metres, out of which 38.2 metres appears to be oil bearing. Initial production testing was carried out in the intervals 955-957.5 metres and 916-920 meters in the G-00 and G-60 sand layers, which commenced on 18 September 2013. Now the well is completed on Sucker Rod Pump and is currently producing at a rate of around 38 bopd.

KSG#69 (previously referred to as KPL-3E-1), the fifth development well of the Phase-III Extension drilling campaign in the Kharsang Field, Arunachal Pradesh, has successfully been tested for gas from O-00 reservoir layer and is recognised as a potential gas well for future production. The well was spud on 24 June 2013 and successfully drilled as an infill development well in the southern part of the field, to a target depth of 1,568.6 meters MD (1,385.3 metres TVD) on 21 July 2013.

GeoEnpro Petroleum Ltd., a joint venture between GeoPetrol and Jubilant Enpro (a member of the wider Jubilant Bhartia Group), is the Operator of the Kharsang Field. Jubilant holds a 25 percent interest in the block through its subsidiary, Jubilant Energy (Kharsang) Pvt. Ltd. The other members of the consortium are Oil India Ltd. and GeoPetrol.

 
 Enquiries: 
  Jubilant Energy     Vipul Agarwal           +91 120 4025700 
                     Callum Stewart, Adam    +44 20 7886 
 Panmure Gordon       James                   2500 
 
 

Competent Person's - Consent for Release

Mr Ramesh Bhatia - Chief Operating Officer, holds a Master of Science Degree in Applied Petroleum Geology and has over 20 years of experience in the Oil and Gas Exploration, Development and Production industry. He has reviewed and approved the technical information contained in this announcement pursuant to the AIM guidance note for mining and oil and gas companies.

This information is provided by RNS

The company news service from the London Stock Exchange

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