Mubarek wells still productive, Sky asserts

Offshore staff

AUSTIN, Texas -- Production from the Mubarek K2-ST4 well offshore Sharjah totaled 15,363 bbl of oil, or 167 b/d, according to partner Sky Petroleum. Output from the H2 well totaled 2,197 bbl, or 24 b/d.

Over 2009 as a whole, Mubarek production from the two wells reached 78,577 bbl, Sky adds. Mubarek H2 well contributed 4,811 bbl of that total, despite being shut down for over eight months.

Earlier this year, Mubarek’s operator Buttes Gas and Oil Co. International, the wholly owned subsidiary of Crescent Petroleum Company International Limited, informed Sastaro, Sky’s subsidiary in the project, that the field had reached the end of its economic life. Sky’s management is evaluating its rights under the Participation Agreement, and has promised to act to protect its own interests, those of its shareholders, and its investment in the Mubarek Field. Mubarek is 50 km (31 mi) northwest of Sharjah in 200 ft (60.9 m) water depth.

2/15/2010