Sumatec expects increased output from Kazakh oilfield

PETALING JAYA: Sumatec Resources Bhd said CaspiOilGas LLP’s (COG) oil production in Kazakhstan’s Rakushechnoye oilfield could reach 1,500 barrels per day (bbl/d) by the end of March 2018 after having reactivated its oil production enhancement programme.
The group told Bursa Malaysia that it was informed by COG’s director-general Saubay Izbassarov in a written field report, informing them of the reactivation in the second half of 2017. In addition to that, another 1,000 bbl/d is expected following the completion of workover for 12 wells, slated for completion by the end of August 2018.
In line with that, total oil production is expected to further increase to about 7,500 bbl/d with the drilling of two new deep Triassic wells by the end of 2018.
COG is a unit of Markmore Energy (Labuan) Ltd and is the concession owner of the Rakushechnoye oil and gas field in West Kazakhstan. Last October Sumatec had entered into a heads of agreement relating to the acquisition of 100% equity interest in Markmore for RM1.55 billion.
“Under the joint investment agreement (JIA) between Sumatec and COG and the field development plan, Sumatec also has claim on associated gas by way of sharing condensates,” Sumatec noted.