CYGAM's wholly-owned subsidiary CYGAM Energy has announced the flow test results of the TT-16 horizontal well, located in the TT Field in the Bir Ben Tartar (BBT) concession in Tunisia.
Production testing began on 15 July 2012, at the initial horizontal test well of the Ordovician reservoir on the BBT concession.
CYGAM interim chief executive officer Giuseppe Rigo said the early performance of this first application of a horizontal multi-fracked well is very encouraging in comparison to other vertical wells in similar quality reservoir rock.
The flow period was interrupted over the first six days as attempts were made to circulate sand and clean the wellbore to its full length while wellbore energy was aided by the nitrogen injection.
However, the well has flowed under its natural reservoir energy since 22 July 2012.
The TT-16 well produced at an average oil rate of 897 barrels of oil per day, an average water rate of 331 barrels of water per day (27% water cut) and an average gas-oil-ratio of 1,110 standard cubic feet of gas per barrel of oil over the initial ten day flow period.
Tunisia-based CYGAM Energy has recovered 87% of the 8,700 barrels of load fluid and reported a 10% decrease in water over the last 48 hours of flow, where the average daily oil rate has been 770 bopd through a 3/4" choke at a bottom hole flowing pressure of 925 psi.
The company said the first application of a multi-staged completion of the tight Ordovician sand reservoir must be assessed on more mature initial production data of 30 and 90 days.
The TT-16 well was fracture stimulated along the 832m horizontal section, and 385,000 pounds of sand has been placed in eight stages
"We eagerly look forward to seeing the results of the remainder of the current drilling programme which is expected to include a further four horizontal multi- fracked wells over the balance of the year," said Rigo.
"The second well in the sequence, TT-13, is currently drilling the horizontal section which is expected to be completed within seven to ten days."
CYGAM holds a 14% working interest in the concession.