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  • Production reached 18.475 MMSTB, versus 20.439 MMSTB, which is 90% of the forecast.
  • During the current year, two exploratory wells were drilled and processed 3D Seismic Acquisition for an area of 513 km2, bringing the total area of 1,306 km2 Seismic survey.
  • In the area of development, a total of Seventy four wells were drilled; Fifty eight wells as oil producers, and sixteen wells as water injectors to support the reservoir pressure.
  • In addition, three hundred forty various rig operations were performed including completion, re-completion, frac’s, both ESP & Sucker Rod Pump replacements, water shut off and work overs.
  • Total Expenditures reached $ 399 MM versus $ 490 MM budgeted which represents 82% of the budget. Actual Exploration Expenditures reached $ 19 MM versus $ 24 MM budgeted. Total Development Expenditures reached $ 270 MM versus $ 349 MM budgeted. Also actual Operating Expenditures reached $ 110 MM versus $ 117 MM budgeted.
  • The actual cost per barrel reached $5.96 versus $5.74 budgeted.
  • Renewal of OHSAS 18001 certification.
  • It is worth mentioning that such achievements were made as a result of the industrious efforts of Qarun staff and the support of the 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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