Since Amadeus acquired the field the focus of the operators (TNT Engineering Inc) has been to reduce operating costs and improve operating efficiencies. This has now been substantially completed with operating expenses down from $US240,000/month to $US150,000/month.
TNT, in conjunction with the consulting geologist, has now selected 10 locations for drilling development wells. Initially five wells will be drilled back-to-back, with the expectation that all 10 wells will be drilled by December 2004.
The program is expected to commence within 4-6 weeks and is expected to at least double production from the Raccoon Bend field.
After completion of the program, Amadeus will be in a position to revise its oil reserve estimates and expects the program will add substantially to the company's reserve base.
Since being discovered in 1929 the field has produced 105 million barrels of oil and is presently producing approximately 550 bopd.
