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Syria Work Programs Quarterly Production Report Enhanced Oil Recovery Program Reserve Reports 2008 Capital Budget & Production Guidance

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2008 Work Program

The 2008 capital program is drilling intensive with 71% of the capital budget aimed at the drilling effort. It is expected that by the end of Q1 2008 there will be six rigs available for drilling in Syria. The budgeted drilling program is development focused with continued appraisal drilling on the large block areas outside of the proven and probable areas:
  • Oudeh: 59 wells total: 6 appraisal, 50 development, 3 water supply wells
  • Tishrine: 72 wells total: 32 appraisal, 37 development, 3 water disposal wells.

The capital budget related to facilities and construction accounts for 11% of the 2008 capital budget. The budget is aimed at upgrading the capacity of both Oudeh and Tishrine to 60,000 barrels per day of fluid and 25,000 barrels of oil per day ("bopd") at each central processing facility. Capital has been committed to the following project areas:
  • Constructing satellite production gathering systems in each field in support of the development drilling and expanded thermal enhanced oil recovery ("EOR") efforts
  • Upgrading the central processing facilities to improve the efficiency of processing oil for export, disposing of produced water and redistributing produced natural gas to supply fuel for steam generation

Additional capital expenditure is planned for 2008 to support the thermal EOR program, accounting for 7% of the 2008 capital budget. The main areas for expenditure include:
  • Gas sweetening and distribution facilities to enhance the supply of gas to the expanding EOR project at Oudeh
  • Water sweetening and distribution facilities to enhance the water supply to the expanding EOR project at Tishrine

A capital work over program has been approved for 2008 accounting for 7% of the capital budget. The program will be weighted towards sidetrack drilling on existing wells in productive areas. The remainder of the planned 2008 capital budget is aimed at other corporate and Health Safety and Environmental expenditures, including integrated waste management centers planned for both Oudeh and Tishrine.

Tanganyika will reinvest cash flow generated from Syrian operations into the 2008 capital program.

 
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