Operator Working on Well to Enhance Production AUSTIN, TX -- (MARKET WIRE) -- 06/21/2006 -- Sky Petroleum, Inc. (OTCBB: SKPI), an oil and gas company with a development project in the United Arab Emirates, is pleased to provide an update on the Mubarek H2 well and related activities under its Participation Agreement.
Crescent Petroleum Company International Limited ("Crescent"), the operator of the Mubarek Field, has been testing the H2 well over recent weeks and reports it has completed an analysis of the well performance. As a result, the gas lift design will be adjusted following which production logging will be carried out on the well. Additional analysis of the gas lift design based on actual well conditions, rather than the design assumptions used before drilling, demonstrated the need to adjust the design. It is expected this will solve the well stability problems and enable injection of increased volumes of gas, and potentially could lead to improvements in the production rate of the well.
Following this, a wire-line unit will be used to carry out a Memory Production "MPLT" logging run. This will identify which zones are producing and determine the actual operating condition of the well in terms of pressure, temperature and gas lift valve performance. A further recalculation of the gas lift design will then be carried out and valves will be reset if necessary. Reservoir engineers will also evaluate the results of the MPLT and make recommendations for further work in the well as may be prudent, such as a re-stimulation of any tight zones.
"Crescent's evaluation and testing of the H2 well continues in an effort to stabilize it and maximize production. In parallel Sky is undertaking their own studies to re-evaluate the selection of the target for the second Mubarek well, for which funding has been paid," said Brent Kinney, Chief Executive Officer of Sky Petroleum, Inc. "In addition, we are constantly looking at additional oil and gas opportunities that fit our corporate strategy."
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