Gas Production Resumed from Haseeb Gas Field
Hycarbex-American Energy Inc. announced that continuous gas production from the Haseeb Gas Field has been resumed on July 12, 2011, under the extended well test.
The Haseeb #1 well, which is currently producing 3.5 million cubic feet of gas per day, is expected to reach 15 million cubic feet of gas per day once the commissioning of the gas processing facility is optimally completed.
The Haseeb Gas Field is a part of the Yasin 2768-7 Block exploration license in which American Energy Group Ltd. owns an 18% royalty. Hycarbex is the operator of the exploration license and owns a 95% working interest. Government Holdings (Pvt) Limited owns a 5% working interest in the exploration block. However, during the temporary EWT production phase, Hycarbex holds 75% working interest, including the cost obligations related to the EWT production facilities and GHPL holds 25% working interest.
Hycarbex intends to undertake additional work in the Yasin 2768-7 Exploration Block outside the Haseeb Discovery area so as to evaluate the productivity potential of the remaining license area.
Since its initial license acquisition, Hycarbex has made an investment of about US$27 million in petroleum exploration and development in Pakistan, where it has exclusively focused its activities. In addition to the Yasin 2768-7 Block, Hycarbex currently operates two other petroleum exploration licenses (i.e. the Peshawar and Karachi Blocks) and is a working interest owner in two other exploration blocks (i.e. the Zamzama North and Sanjawi Blocks) operated by Heritage Oil Plc.
The American Energy Group Ltd. owns a 2.5% working interest in each of the Zamzama North and Sanjawi Blocks, which is a carried interest for the initial 2 wells on the Sanjawi Block and the initial 3 wells on the Zamzama North Block. The American Energy Group has the option to convert its working interest in any well at any time to a 1.5% gross royalty interest free of any exploration costs or operating costs.
Source: Press Release