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Tuesday, January 28, 2014

Sumatec begins producing oil in Kazakhstan (Star)

Sumatec Resources Bhd has started producing oil at the Rakushechnoye oil field in Kazakhstan.

It said the first well, under the re-entry and work-over programme, had been successfully completed rigless and brought on production.

In a statement, Sumatec said the well was “expected to produce initially between 100 and 150 barrels of oil per day” after a full production test had been completed.

It said it planned to re-open and perform work-over on nine more wells in the next three months.

Chief executive officer Chris Dalton said: “We’re very excited over the start of our oil production, and we’re really looking forward to see the results of the work-over programme in the next three months.”

Both Chris and chief operating officer Zulkifly Mohamad were at the field to witness the historic oil production from the well in the freezing -20 degrees Celsius weather.

The company said the start of oil production from the Rakuschechnoye Oil and Gas Field marked a key milestone in Sumatec’s oil production rejuvenation programme for 2014 and beyond.

It said that it was also a significant step towards turning Sumatec around in its recently completed regularisation plan.

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