Caracal Energy Inc announced its first joint-venture oil shipments from the Badila field in Chad.
On June 9, 2013, His Excellency President Idriss Deby Itno held a ceremony to inaugurate the Company's production facilities and flowed first oil into those facilities.
Yesterday, September 30, the Company commenced oil production from the Badila field into its transportation system that connects Badila to the main export line operated by TOTCO/COTCO, referred to as the Export Transportation System ("ETS"). The Company will initially produce oil to fulfill the joint venture's share of the ETS line-fill, which is estimated at just over 450,000 barrels, after which it can accumulate oil for sale. Initial production is coming from the Badila-1 and Badila-2 wells, and additional Badila wells will be tied in for production in coming months as processing capacity is increased.
The 30-inch diameter ETS, which will carry the joint venture's oil production to the Atlantic Ocean port of Kribi in Cameroon, has the capacity to transport 250,000 barrels of oil per day, of which approximately 150,000 barrels per day is currently unused.
Caracal's Joint-Venture partners are Société des Hydrocarbures du Tchad, a government-owned entity, and GlencoreXstrata plc.
"First oil production is a milestone for our Joint Venture following the ceremonial inauguration of our production facilities by His Excellency President Idriss Deby Itno on June 9, 2013. We are very pleased to begin producing into the TOTCO/COTCO ETS, with first revenue expected in Q1 2014. Our development drilling and construction of additional facilities and transportation infrastructure has continued over the summer, and we are on schedule to provide additional production from Badila and Mangara fields in the coming months," commented Gary Guidry, President and Chief Executive Officer.
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