BAKU, AZERBAIJAN -- (Marketwire) -- 03/13/13 -- BAGHLAN GROUP FZCO (The Company) announced that Bahar Energy Operating Company (BEOC), the operating company for Bahar Energy Ltd. (BEL) in which the Company owns a 66.67 % interest, has completed drilling Well No. 715 on Platform 2 using PSG 1 Drilling Rig. The well is currently at a true vertical Depth of 3,491 Meters and is being logged. Initial analysis of the open hole wire line logs indicates an estimated 159 meters of potential pay in eleven different zones. After setting 7 inch liner, the well will be completed and put on production.
Baghlan Group FZCO and its partners in BEL have approved a 3D seismic program for the Gum Deniz oil field based on a 2D seismic results and the start of the development drilling program. This is the first 3D seismic to be acquired in the oil field and acquisition operations are scheduled to begin in the summer of 2013, after obtaining the necessary regulatory and government approvals.
Total 2013 production through February averaged 3,215 BOE/d (Net Baghlan Group FZCO 2,036 BOE/D).
"Baghlan's co-founder, Amir Mahmoud Zadeh, commented: "We are very pleased to continue delivering on our development plan and have the initial logs confirm our expectations for this well."
About Baghlan Group FZCO
Baghlan Group FZCO, owner of 66.67% total stake in Bahar Energy, is a diversified conglomerate with interests in oil & gas exploration and production, construction and transportation in Azerbaijan and beyond. Baghlan Group is one of the first private companies in Azerbaijan to enter oil and gas sector, first private corporation to have its financials audited by Big 4, first private corporation to issue a 3-year debt instrument in the international capital markets and the first private non-financial organization to obtain credit rating. The group is committed to the international principles of corporate governance and targeting to receive its first credit rating by international rating agencies in June 2013.
Baghlan Group FZCO
Head of CEO office
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