BAKU, AZERBAIJAN -- (Marketwired) -- 04/10/13 -- 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 PSG1 Drilling Rig. The well was completed in 57.5 meters of pay in lower zones and has been flowing at an average rate of 1,047 Bopd of 34 API gravity with casing-head 59 atm and tubing-head 16 atm. The GD 715 well has encountered a zone in the SP horizon that has not been depleted and the next well the GD 716 will be targeting this location in an up-dip and favorable position. The rig is currently being skidded to the start drilling the GD 716 well shortly.
Mr. Hafiz Mammadov, Baghlan Group Chairman, commented, "We are very pleased with the start of the development drilling and workover programs. The initial production rates of this GD 715 well have exceeded our pre drill estimates by almost four times and we are looking forward to other new development wells in the near future in our Bahar ERDPSA project."
The partners have a phase 1 development drilling that has identified almost ninety similar development oil well locations to be drilled over the next 3 to 5 years.
Based on this positive start to the development drilling program the partners, Greenfields and Baghlan, have approved the award of another drilling rig for the Gum Deniz oil field. The PSG 3 rig will be located on the Gum Deniz platform 208 after completion of platform upgrades and should be available for drilling in Q3 2013.
In addition, the partners have also approved the award of a 3D seismic program of 180 Km2 to further define the drilling opportunities on the Gum Deniz Oil field. Last year, the first seismic was acquired on this oil field and the interpretation has identified numerous drilling opportunities that will be better defined with the upcoming 3D seismic program.
Total 2013 production in MARCH averaged 3,519 BOE/d (Net Baghlan Group FZCO 2,346 BOE/D).
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
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