Heletz Field Production Updat

RNS Number : 8372I

TomCo Energy PLC

25 November 2008

 



TomCo Energy plc

('TomCo' or the 'Company')

Heletz Field Production Update

TomCo Energy plc (AIM: TOM), an AIM listed company which has investments in conventional oil production in the United States and Israel, is pleased to provide an update on production operations at the Heletz Field, southern Israel, where the Company has a substantial interest1.

The Heletz Field was brought back on production at the start of July 2008 and since then a total of four wells (H-1, H-37, K-27 and K-29) have been producing. Since our last production update (22 August 2008) one of these wells, K-27, was shut-in due to low production volumes. A workover of this well commenced on the 15 September 2008 and was completed on the 6 October 2008. The workover involved cleaning out the wellbore and re-perforating known producing formations. Following several weeks of pumping and clean-up, the well is now producing again at a stable rate and the operator expects it to continue to produce 10 to 15 bopd over the medium term. Estimated remaining reserves are 28,100 bbl. A second well, H-37, has also been shut-in for mechanical repairs but is expected to be back on production in the next two weeks.

The average gross production at Heletz since start-up in July 2008 has been 50 bopd, although the field was producing 65 to 70 bopd at times during August 2008, when all four wells were on stream.

TomCo and its partner in the field, Avenue Energy Inc, plan 5 further well workovers and 2 infill wells, to be drilled in 2009, with the target of bringing field production above 300 bopd by the end of the year.

The technical information contained within this announcement has been reviewed and approved by Nicholas J. R. Wright, who is a professional geologist and a Qualified Person under AIM rules. Mr Wright has over 25 years experience as a petroleum geologist in the international Oil & Gas industry.

Enquiries:

TomCo Energy plc Howard Crosby Stephen Komlosy	[phone]
Strand Partners Limited Simon Raggett Stuart Faulkner David Altberg	[phone]

Glossary:

bopd- barrels of oil per day

bbl - barrels of crude oil

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1 The Company has interests in two licenses covering the Heletz Field - a 25% working interest in the 'Iris License' in the central part of the field, and a 50% working interest in the larger 'Heletz License'.

 

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