A second mid-depth recompletion in this field is underway with positive results expected before March end. As a result of this initial workover, the company’s daily gross crude oil production has increased to 793bopd, up from 683bopd.
Net production increased to 420bopd, up from 310bopd, a 35% increase and a second substantial production increase for the company in less than a month. These figures do not include Stream Oil & Gas’ typical gas production of 690mcfd and 47bbl/mmcf NGLs, the company said.
Subsequent to the company’s recent takeover of the Cakran-Mollaj field (25 currently producing wells and additional 37 non producing wells also being considered for re-activation) and these positive workover results, Stream Oil & Gas is planning to accelerate its 2010/2011 workover programs. It is also preparing to perform full-depth workovers, which are forecast to yield a further production increases.
Sotirios Kapotas, CEO of Stream Oil & Gas, said: “Stream continues to prove the resource potential of its assets and our ability to deliver results, further substantiating Stream’s ambitious growth plans.”
