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Actual production achieved reached 15.788 MMSTB, versus 18.979 MMSTB, which represents 83% of the forecast.
Four Exploratory wells were drilled and efforts were directed towards adding new reserve to maximize production through G&G efforts.
In the area of development drilling, a total of eighty eight wells were drilled: sixty eight wells as oil producers with success rate 96% and twenty wells as water injectors to support the reservoir pressure.
Three hundred, re-completion frac, ESP & sucker rod pump replacement & installation, water shut off and work over operations were performed.
Total Expenditures reached $391.792 MM versus $ 526.296 MM budgeted representing 74% of the budget. Actual Exploration Expenditures reached $6.441 MM versus $17.924 MM budgeted. Total Development Expenditures reached $275.576 MM versus $ 389.715 MM budgeted .Actual Operating Expenditures reached $109.775 MM versus $118.657 MM budgeted.
Actual cost per barrel reached $6.95 versus $6.25 budgeted.
OHSAS 18001 and ISO 14001 certification was renewed.
It is worth mentioning that such achievements were made possible as a result of the efforts of Qarun staff and the support of our Shareholders.

4 thoughts on “2011/2012 fiscal year has been a year of several successes for Qarun. These successes have been demonstrated in the following:

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