development well

Following the completion of drilling of the Shahd South East-06 development well at the ERQ concession, an initial net production rate for the well of 4,800 barrels of oil per day (bopd) was recorded.

The Butlers-6 oil development well, which was spudded on 13 September 2012, was also cased and suspended after intersecting a five metre Namur Sandstone oil column.

Drilling of the #15-4 development well has commenced on the 907 acre East Tonkawa Unit (ETU), located south west of Ponca City.

The first well of the program, Parsons-3, a development well in the Parsons oil field, successfully encountered a nine metre oil column in the Namur sandstone.

last 71 years, received 571 licences, drilled 2,366 exploratory, appraisal and development wells, yielding around 330 discoveries.

It has royalty interests in 69 producing wells and 118 development wells and in about 26,400 net acres of area.

Colony will fund 100% of the development wells and will earn a 90% working interest.

Out of the total new drills, three were exploratory/appraisal wells and three were development wells. While, the company's exploratory efforts yielded two new oil and gas discoveries namely Chanda-1 and Mela-5 in Kohat district of Khyber Pakhunkhwa province, according to the OGDCL's financial report available with APP.

He pointed out that the budget for the next fiscal year (FY) 2019/20 includes total investment of about $190m and plans to complete five development wells to add about 5,000 barrels of oil equivalent to the daily production rates.