Dubai: Crescent Petroleum, the region's oldest private upstream company and the operator of the Mubarak field, has announced the successful conclusion of its recent drilling programme in the Mubarak field, offshore Sharjah, with completion of the K2 well.

The well was drilled to a depth of 13,528 feet in the Ilam reservoir.

After initial tests, the well is flowing at 742 barrels per day, similar to the initial flow rate of the first well, H2, in this two-well programme.

These wells were the first to be drilled by the company in the Ilam reservoir since 1997 and were appraising the remaining potential of the reservoir which has been in production since 1974.

The two wells successfully tested the potential for bypassed oil in both the northern and southern flanks of the reservoir and will therefore aid the company in selecting further drilling locations.

Crescent also set a regional operational record in completing the K2 well, with a highly challenging programme involving horizontal drilling combined with coiled tubing technology and a complex completion matrix at great depths.

With the drilling of previous wells in these deep reservoirs, Crescent established a number of world records including the deepest short radius horizontal section drilled, and the deepest slim hole to be cased by expandable casing.

As a result of these encouraging well results, further development potential for the Mubarak field will be evaluated by the company in 2008, with a particular focus on the Ilam-Mishrif oil reservoir and the deeper Thamama gas condensate reservoir.