announcement third well has oil, page-9

Looks OK to me... sorry about the lack of formating on the table.

DRILLING ACTIVITY ANNOUNCEMENT
Weekly Activity
Drilling
Wireline logging on COG Mailisu III #3 well (Location Map - Figure 1) has confirmed the presence of oil in the Palaeogene limestone Beds V and VII, with potential net pays of several metres. Casing has been run and the crew is preparing to perforate the casing over the appropriate intervals to enable flow testing to be conducted. Final cased and suspended costs look like coming in under US$300k.
The rig will then move about 880m south-east to the COG Mailisu III #4 well site.
Completions
Production testing as part of the commissioning and optimising of the COG Mailisu III #1 pumping unit has produced a flow rate of between 25-50 barrels of oil per day, with minor (< 5%) water cut. The production rate is significant given the shallow depth of the reservoir (from 600 - 650m around Well #1), and will therefore have relatively low field development costs.
The recovery of oil from this well and the fact that oil has been encountered in the first three wells drilled by Caspian highlight the potential for the Company to build up a significant production base within the Mailisu III oilfield. Caspian is appraising the currently producing Mailisu III oilfield with seven wells to determine the extent and productivity of the field.

Interpretation of Results to Date
The reservoir potential within the Mailisu III oil field is being appraised by an initial seven wells, the first three of which have been drilled in the northern portion of the field. The main oil reservoir targets are the limestone Beds V & VII.
COG Mailisu III #3 makes it three from three successful oil appraisal wells for the Company in the Mailisu III field. The flow of oil from the well has demonstrated that in this area lateral changes in reservoir quality appear less variable than first thought. This increases the likelihood of encountering good quality reservoir and improves the Company’s confidence in the commercial success of the field. The wells drilled to date have been located near the crest of the mapped structure, while the next three wells in this appraisal plan will test further down the flank, south and west of the initial drilling. Additional wells are required in the west of the field to confirm the extent of the closure and reservoir development in that area.
Initial volumetric estimates of the Oil-in-Place (OIP) and Reserves have been made on the field (both beds V and VII) using probabilistic methods:
Area (acres)
OIP (million bbls)
Recovery Factor (%)
Reserves (million bbls)
P90
1400
2.7
10%
0.4
P50
2500
8.0
19%
1.5
P10
4700
23.0
35%
5.0
(See attached figure)
Based on these estimates a conceptual development has been assessed which would entail drilling further production wells in the field. This development based on a total of 20 producing wells with an initial rate of between 10 to 50 bopd would see a production of between 95,000 to 150,000 bbls by the end of 2009.
Summary - 20 well scenario by Yr End 2009
P90
P50
Mean
P10
Initial Rate per well (bopd)
10
20
27
50
Total Rate at Dec 09 (bopd)
319
390
393
471
Production to end 09 (kbbls)
95
118
120
147
The Company is seeking additional rigs for field development drilling with the aim of commencing in the second half of 2008.
A mineral exploration company drilling for uranium has already proven the presence of oil at East Mailisu, some 4 km north-east of the Mailisu III oil field. Further appraisal of this field is planned after the Mailisu III campaign, with a series of further prospects and leads along strike to the east to be tested as rig availability permits.