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Caracal Announces First Oil Shipments From Badi...
Caracal Announces First Oil Shipments From Badi....
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[{"type":"text","content":"\n \nCaracal Energy Announces First Oil Shipments From the Badila Field\n\nCALGARY, Oct. 1, 2013 /CNW/ - Caracal Energy Inc. (\"Caracal Energy\" or the\n\"Company\") today announced its first joint-venture oil shipments from the\nBadila field in Chad.\n\nOn June 9, 2013, His Excellency President Idriss Deby Itno held a ceremony to\ninaugurate the Company's production facilities and flowed first oil into those\nfacilities.\n\nYesterday, September 30, the Company commenced oil production from the Badila\nfield into its transportation system that connects Badila to the main export\nline operated by TOTCO/COTCO, referred to as the Export Transportation System\n(\"ETS\"). The Company will initially produce oil to fulfill the joint venture's\nshare of the ETS line-fill, which is estimated at just over 450,000 barrels,\nafter which it can accumulate oil for sale. Initial production is coming from\nthe Badila-1 and Badila-2 wells, and additional Badila wells will be tied in\nfor production in coming months as processing capacity is increased.\n\nThe 30-inch diameter ETS, which will carry the joint venture's oil production\nto the Atlantic Ocean port of Kribi in Cameroon, has the capacity to transport\n250,000 barrels of oil per day, of which approximately 150,000 barrels per day\nis currently unused.\n\nCaracal's Joint-Venture partners are Société des Hydrocarbures du Tchad, a\ngovernment-owned entity, and GlencoreXstrata plc.\n\n\"First oil production is a milestone for our Joint Venture following the\nceremonial inauguration of our production facilities by His Excellency\nPresident Idriss Deby Itno on June 9, 2013. We are very pleased to begin\nproducing into the TOTCO/COTCO ETS, with first revenue expected in Q1 2014. \nOur development drilling and construction of additional facilities and\ntransportation infrastructure has continued over the summer, and we are on\nschedule to provide additional production from Badila and Mangara fields in the\ncoming months,\" commented Gary Guidry, President and Chief Executive Officer.\n\nAbout Caracal Energy Inc.\n\nBased in Canada, Caracal Energy Inc. is an international exploration and\ndevelopment company focused on oil and gas exploration, development and\nproduction activities in the Republic of Chad, Africa. In 2011, the Company\nentered into three production sharing contracts (\"PSCs\") ...