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Sky Petroleum Updates Drilling Operations on Second Mubarek Well
K2-ST4 Drill Depth of 13,528 Feet Achieved
AUSTIN, Texas--(BUSINESS WIRE)--Sept. 25, 2007--Sky Petroleum, Inc. (OTCBB:SKPI), an oil and gas exploration company, is pleased to announce that Crescent Petroleum Company International Limited ("Crescent"), the operator of the Mubarek Field, has informed the company that the Mubarek K2-ST4 well, the second of the two wells under the Participation Agreement between Crescent and Sky Petroleum, has been drilled to a total depth of 13,528 feet (12,866 feet Total Vertical Depth) near the base of the Ilam reservoir.
Crescent plans to complete the well and acidize it, connect the gas lines for gas lift and move the Rani Woro drilling rig off location. The K2-ST4 well will then be put on production from the K wellhead platform using the existing gas lift and flow lines. Crescent expects that the well will be on production within 30 days, subject to any unforeseen operational delays. A period of stabilization will then be required to establish the correct gas lift parameters for the well to optimize production and recovery of oil.
Mubarek Field Program
The Participation Agreement with Crescent gives Sky Petroleum the right to participate in a share of the future production revenue by contributing up to $25 million in drilling and completion costs related to two obligation wells in the Mubarek Field, offshore United Arab Emirates. The $25 million commitment for both wells was fully paid by the end of the first quarter of 2006. On completion of the two obligation wells a further well development program will be evaluated.
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