DUSHANBE, TAJIKISTAN--(Marketwired - June 20, 2016) - Skyland Petroleum Limited (ASX: SKP) ("Skyland" or the "Company") is pleased to announce it has commenced oil production from its first well of several on the Kyzyl-Tumshuk oil and gas field in Tajikistan, which was achieved on time and under budget.
Production from this first well combined with the low capital and operating costs of the field makes it possible to generate early cash flow and this cash flow is expected to steadily increase in the coming months due to several other planned well interventions to further increase production to the Company.
Stephen Elliott, Vice President Project Development, commented, "We are very pleased to have brought on production of oil from the Kyzyl-Tumshuk field so quickly, particularly given the necessity to install additional surface facilities and to overcome the logistical challenges this entails. The oil produced will be sold on the local market, which will immediately generate cash flow for the Company. We have a number of other target wells on the field for both oil and gas production, and preparations for these operations are proceeding well."
Dr. David Robson, Chairman and Managing Director, added, "This is a major milestone for the Company. We have met our objectives in terms of both timing and cost, and we are confident that we can ramp up production quickly. I believe this is a real step forward for the Company and shows that we can meet our targets efficiently and generate value for our shareholders."
Skyland Petroleum Limited is an oil and gas exploration and production company listed on the Australian Securities Exchange (ASX) and primarily focused on projects in Central Asia, the Caucasus and Russia. The company aims to create and maximize shareholder value by acquiring and developing a portfolio of productive oil and gas assets with significant unrealized technical and commercial upside at attractive acquisition metrics.
This announcement may contain "forward-looking" statements and information. Except as required by law, the ASX listing rules and applicable regulations, the Company assumes no obligation to update any such forward-looking statements and/or information contained within this announcement. This announcement is provided for information to the market and should not be considered to constitute, or to be taken to constitute, an invitation or inducement to invest in the securities of the Company and any reader of this announcement is cautioned not to place undue reliance upon any of the forward-looking statements and/or information contained within this announcement. The information provided in this announcement is based upon the Company's current understanding and reasonable expectations of the Company's operations in relation to the Kyzyl-Tumshuk oil and gas field in Tajikistan. Any predictions made, or implications arising from, the information provided in this announcement are subject to significant risks and uncertainties that are difficult to predict. Such risks may include information regarding the ability of an asset of the Company to produce commercially viable hydrocarbons and any reader of this announcement should consider such risks pertinent to upstream oil and gas activities when reviewing this announcement.
For more information please contact:
Skyland Petroleum Limited
Investor Relations Manager
Email: [email protected]
NewsMaker is an Australian Press Release Distribution and Social Media Marketing service founded in 2004. The company today represents over 22,000 brands who seek to share their content with journalists, bloggers and the community.
P: +61 414 69 70 71