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Sky Petroleum Updates Testing Program on the Mubarek K2-ST4 Well
17:15 04.10.07
K2-ST4 flows at 742 BOPD
AUSTIN, Texas--(BUSINESS WIRE)--Sky Petroleum, Inc. (OTCBB:SKPI), an oil and gas exploration company, is
pleased to provide an update on the testing program regarding the
Mubarek K2-ST4 well located in the Mubarek Field, offshore United Arab
Emirates.
Crescent Petroleum Company International Limited (Crescent),
the operator of the Mubarek Field, reports that the well was drilled to
a total depth of 13,528 feet into the Ilam oil reservoir, and has
subsequently been stimulated with acid and put on production with gas
lift from the Ilam reservoir. After initial tests, the well was flowing
at 742 BOPD (Barrels of Oil per Day). The well will be observed in order
to optimize production conditions.
Mubarek Field Program
The Participation Agreement with Crescent gives Sky Petroleum the right
to participate in a share of the future production revenue by
contributing up to $25 million in drilling and completion costs related
to two obligation wells in the Mubarek Field, offshore United Arab
Emirates. The $25 million commitment for both wells was fully paid by
the end of the first quarter of 2006. On completion of the two
obligation wells a further well development program will be evaluated.
About Sky Petroleum
Sky Petroleum (OTCBB:SKPI) is an oil and gas exploration company. Sky
Petroleum's primary focus is to seek opportunities where discoveries can
be appraised rapidly, and developments can be advanced either by
accessing existing infrastructure, or by applying the extensive
experience of established joint-venture partners. In addition, the
company also plans some higher risk, higher reward exploration
prospects. For additional information please visit www.skypetroleum.com.
Safe Harbor
Except for historical information, the matters set forth herein, which
are forward-looking statements, involve certain risks and uncertainties
that could cause actual results to differ. Potential risks and
uncertainties include, but are not limited to, the ability to stabilize
the well, the ability to carry out additional stimulation of the zones
producing oil, the accuracy of estimated production rates and the price
of crude oil, the accuracy of operating costs and monthly revenue
forecasts, the timing and success of other proposed infill drilling
programs, the timing for completing the second obligation well, the
contemplated continued production at the Mubarek Field, if any, the
competitive environment within the oil and gas industry, the extent and
cost effectiveness with which Sky Petroleum is able to implement
exploration and development programs in the oil and gas industry,
obtaining drilling equipment on a timely fashion, commodity price risk,
and the market acceptance and successful technical and economic
implementation of Sky Petroleum's intended plan. Additional discussion
of these and other risk factors affecting the company's business and
prospects is contained in the company's periodic filings with the SEC.
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