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December 11, 2013
08:53 EDTPEDPacific Energy Development announces successful test results of Aral #315
Pacific Energy Development announced the initial results of testing done by Aral Petroleum Capital Limited Partnership on Well #315, which was originally drilled in 2012, located in western Kazakhstan's East Zhagabulak field located within the North Block of Kazakhstan's Pre-Caspian Basin, which is covered by a production license and included within the 380,000 acre contract area covered by an exploration license issued by the Republic of Kazakhstan that is 100% held by Aral. The Company is currently in contract to acquire an indirect 34% interest in Aral, subject to the satisfaction of certain customary closing conditions including the requisite approvals from the Republic of Kazakhstan. According to information received from Aral, the test of the initial target interval of Well #315 was completed on December 4, and the well was tied into the production pipeline on December 4 with an average initial production rate of 86.7 tons of oil equivalent per day over the first three days of production. Similar to Well #306, which was successfully tested in November with an initial production rate of approximately 579 BOE per day, Aral has decided to defer the planned testing of two additional target intervals of Well #315 and put the well into production. Aral's plan is to next retest the previously tested KT-1 interval of Well #316 which discovered oil in 2012, and then proceed to workover and test certain upper objectives of Well #308.
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