Update on the production test on Block 70, in the Sultanate of Oman
May 22 2023 - 1:00AM
Update on the production test on Block 70, in the Sultanate of Oman
Maha Energy AB (publ) (“Maha” or
the “Company”)
announces the initial and
preliminary results from the
production test on Block 70 in the Sultanate of
Oman. The tests were performed on
the “Alpha pad” on wells (i) Mafraq-9, (ii) Mafraq-7, (iii)
Mafraq-10 and (iv) Mafraq-8.
a) Mafraq-9
well, the first well
connected to the
production test
facilities,
flowed at a rate between 300-350
barrels of oil per day with a water cut
of about
5%;b) This
was followed by testing of Mafraq-7
which encountered
startup issues and was shut-in
for the moment to be
re-evaluated;c) Mafraq-10
reached an estimated production
of 430
barrels of oil per day
with about 10% water
cut before the test
ended;d) And
Mafraq-8 that reached an
estimated production of 600 barrels of
oil per day with a water
cut below 5%;
The oil produced during the testing phase is
heavy oil of 11-13 degrees API, with viscosity higher than
pre-testing estimates. In order to get the oil to meet trucking and
processing specifications for third party’s facilities, different
thermal and chemical treatment options are being applied by Maha
with various service providers with experience and capabilities in
heavy oil processing.
The preliminary flow rates and water cut rates
are encouraging and once the required specifications are achieved,
the oil produced during the testing phase will be transported by
heated trucks to a third party’s facilities for further processing
and, afterwards, transportation through the Omani national pipeline
system.
Wells will continue to be added to the test
until all eight new production wells have been tested and data
gathered. Each well is completed with a PCP pump. The drilling
program on Block 70 has continued as per plan in the second quarter
2023 with drilling of production, exploration and appraisal
wells.
Maha is the Operator of Block 70 with 65%
working interest, with Mafraq Energy holds the remaining 35%.
Miscellaneous The information
was submitted for publication, through the agency of the contact
person set out below, at 8:00 CEST on 22 May 2023.
For more information, please
contact:Paulo Thiago Mendonça, CEO, Phone: +46 8 611 05
11, E-mail: info@mahaenergy.ca Guilherme Guidolin de Campos, CFO,
Phone: +46 8 611 05 11, E-mail: info@mahaenergy.ca
About MahaMaha Energy AB (publ)
is a listed, international upstream oil and gas company whose
business activities include exploration, development and production
of crude oil and natural gas. The strategy is to target and develop
underperforming hydrocarbon assets on global basis. Maha the Mafraq
field in Block 70 in the Sultanate of Oman and assets in the United
States. The shares are listed on Nasdaq Stockholm (MAHA-A). The
head office is in Stockholm, Sweden with a technical office in
Calgary, Canada, as well as operations offices in Grayville,
Illinois, USA, Rio De Janeiro, Brazil and Muscat, Oman. For more
information, please visit our website www.mahaenergy.ca.
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