The company completed its initial 30 day drilling period at the 1.2 million acre permit.
Production from the field averaged 1,797 barrels of oil per day at an average water cut of 8% with 2.5 mmcf/d of associated solution gas for the last month and at 1,847 barrels of oil per day with a water cut of less than 3% and an associated solution gas rate of 2.4 mmcf/d for the last ten days.
Chinook, through its wholly-owned subsidiary, holds an 86% interest and is operator, in partnership with Cygam Energy in the production sharing contract on the Sud Remada permit which is held by the Tunisian state oil company Enterprise Tunisienne d’Activities Petrolieres.
Chinook COO Roy Smitshoek said the initial stage of commercial development is expected to commence by 1 August 2011.
It includes three to four development wells and initial engineering and design for a 140 km sales pipeline and oil battery/gas handling facility.
Construction for the pipeline and facility and a continuous development drilling program, are planned to commence in early 2012.
