TBLISI, GEORGIA, Jun. 15 (Korea Bizwire) – Skyland Petroleum Limited (ASX: SKP) (“Skyland” or the “Company”) today announced that the semi-horizontal bore hole required for the full production testing on the Kumisi #2 Well in Georgia has been successfully completed on time and on budget.
The well showed positive indications of hydrocarbons whilst drilling and preparations are now being made to commence testing of this bore hole in the immediate future. It is expected that these testing operations will take up to one month to complete. This work is consistent with the Company’s core strategy of developing projects which are likely to give early production and cash flow.
Mark Sarssam, Chief Operating Officer, commented, “We are very pleased with the speed and efficiency with which this test hole has been drilled. We are encouraged by the presence of hydrocarbon indications and we look forward to the final results of the flow testing which, if successful, will give us the opportunity to generate early production and cash flow from our asset in Georgia.”
Skyland holds a 20% interest in Block XIG which contains the Kumisi structure and success in this well will open up an additional fairway within the area which could potentially be of a significant size.
Skyland Petroleum Limited is an oil and gas exploration and production company listed on the Australian Securities Exchange (ASX) and primarily focused on projects in Central Asia, the Caucasus and Russia. The company aims to create and maximize shareholder value by acquiring and developing a portfolio of productive oil and gas assets with significant unrealized technical and commercial upside at attractive acquisition metrics.
This announcement may contain “forward-looking” statements and information. Except as required by law, the ASX listing rules and applicable regulations, the Company assumes no obligation to update any such forward-looking statements and/or information contained within this announcement. This announcement is provided for information to the market and should not be considered to constitute, or to be taken to constitute, an invitation or inducement to invest in the securities of the Company and any reader of this announcement is cautioned not to place undue reliance upon any of the forward-looking statements and/or information contained within this announcement. The information provided in this announcement is based upon the Company’s current understanding and reasonable expectations of the Company’s operations in relation to the Kumisi #2 Well located within Block XIG (Georgia). Any predictions made, or implications arising from, the information provided in this announcement are subject to significant risks and uncertainties that are difficult to predict. Such risks may include information regarding the ability of an asset of the Company to produce commercially viable hydrocarbons and any reader of this announcement should consider such risks pertinent to upstream oil and gas activities when reviewing this announcement.
Source: Skyland Petroleum Limited via Marketwired