PED) 3.24 +0.21 Pacific Energy Development announces initial test results of appraisal well on Kazakhstan asset (PED) 3.24 +0.21 : Co announced the initial results of testing done by Aral Petroleum Capital Limited Partnership ("Aral") on Well #306, which was drilled in 2012, located in western Kazakhstan's East Zhagabulak field located within the North Block of Kazakhstan's Pre-Caspian Basin, which is covered by a production license and included within the 380,000 acre contract area ("Contract Area") covered by an exploration license issued by the Republic of Kazakhstan that is 100% held by Aral. The Company is currently in contract to acquire an indirect 34% interest in Aral, subject to the satisfaction of certain customary closing conditions including the requisite approvals from the Republic of Kazakhstan. According to information received from Aral, the test of the initial target interval of Well #306 was completed on October 28, 2013, the well was tied into the production pipeline on November 4, 2013, and the well is currently producing 79.68 tons of oil equivalent ("TOE") (approximately 579 barrels of oil equivalent ("BOE")) per day. Due to the success of the test of this initial target interval, Aral has decided to defer the test of 2 additional target intervals of Well #306, and instead commence testing (perforation and acidizing) on the previously untested Well #315 and fracturing and acidizing operations on Well #316, each of which were drilled in 2012, and then workover and testing of certain upper objectives of Well #308. As a result of the test on the initial target interval of Well #306, Aral has successfully increased the average daily production of oil from the asset from approximately 290 BOE per day prior to the test, to current average production of approximately 869 BOE per day.
