Caracal Energy has discovered oil at the Krim field, that was spud in August this year and is located immediately southwest of the Mangara field in Chad
The Canada-based company also said that it has successfully spud the Bitanda exploration well.
The targeted zones in Krim field were the Cretaceous C, D and E sands, a company statement added.
Caracal Energy may now opt for a fast-track field development due to proximity of the pipeline at Mangara field.
According to McDaniel & Associates Limited, Krim gross unrisked prospective resource holds 29mn barrels and 64mn barrels on unrisked Pmean and P10 basis, respectively.
Meanwhile, the Bitanda exploration well was spudded in the first week of December. The planned total drilling depth is 2,390 metres and expected to take 32 days. The current operation is drilling at 700 metres, the company said.
Bitanda is the third exploration test well following the recent success at Krim and the Cretaceous E sands in the Mangara oilfield, it added.
The well was recently confirmed as a structural three-way closure, bounded by the basin margin fault using the 3D seismic shot earlier this year. Pre-drill, McDaniel & Associates Limited estimated gross unrisked prospective resource of 277.2mn barrels and 648.3mn barrels on unrisked Pmean and P10 basis, respectively.
Gary Guidry, CEO of Caracal Energy, said, “We are on schedule for first revenue which is expected in Q1 2014. Our development drilling and construction of additional facilities and transportation infrastructure has also continued, and we are on track to provide additional production from Badila and Mangara fields in the coming months.
“In addition to the significant production increases expected next year, we plan to test over a billion barrels in unrisked prospective resources in 2014 through our high impact exploration programme.”
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