Cakran-Mollaj (Current) (crude oil) 25 API
This is the deepest of the carbonate oil fields at 2650-3700m. There are 65 existing wells, of which 27 are actively producing. Managementís goal for the project is to increase production three to five fold by using modern technology.
The Company performed flow improvement tests and optimized performance on two wells. Infrastructure upgrades are in progress. The Company has reserved a rig, subject to fund raising, in order start a staged rehabilitation program on the 14 producing wells that operate in the field and reactivate another taken over recently. Field production is 650 bop/d, of which 76 bop/d are attributable to Stream as at February 28, 2009.
In addition to the rehabilitation program on 14 producing wells, the Company has take over another 20 wells for reactivation.
Fracture monitoring is underway on key wells. The Company engaged Seismotech in order to deploy equipment and monitor microfracing.
For 2009 plans include full take-over of the remaining field and the corresponding gathering and processing stations.
The Cakran-Mollaj Field produces 25 API oil from fractured carbonates of Cretaceous-Paleocene age. The oil is reported to contain an average of 1% sulphur. The field is considered a structural trap and to be fully developed with an average well spacing of approximately 16 ha/well (40 acres/well. The field came on production in 1978.