Sky Petroleum, Inc. (OTCBB: SKPI), an oil and gas company with a development project in the United Arab Emirates, announces the recent work on the Mubarek H2 well has resulted in a substantial 130% increase in production from the H2 well.
Crescent Petroleum Company International Limited (“Crescent”), the operator of the Mubarek Field, and Sky Petroleum, report that the Memory Production “MPLT” log run on August 11, 2006 indicated one zone was contributing significant water and no oil. A wireline crew was mobilized to the field and a retrievable bridge plug was set. Adjustments were also made to the gas lift system. The well was put back into production on September 26, 2006. Currently Crescent is still optimizing the gas lift injection rate however the initial H2 production rate after the recent work was 461 BOPD and 2162 BWPD.