International Sovereign Energy Corp.
TSX : ISR

International Sovereign Energy Corp.

November 07, 2005 11:37 ET

International Sovereign Energy Corp.: Schlumberger Study on the Toot Oil Field, Pakistan Received

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 7, 2005) - International Sovereign Energy Corp. (TSX:ISR) (the "Corporation") reports that Schlumberger Data and Consulting Services of Islamabad, Pakistan has delivered its study on the Toot Oil Field Carbonate Reservoirs. The Toot oil field is located in the Potwar region, Punjab province, which is near the capital city of Islamabad, Pakistan.

The Toot area is one of the oldest oil-producing regions in Pakistan, with the first well being drilled in 1964. The Toot field is accessible by road and the concession area is 122.67 square kilometers. All facilities, including a pipeline to the refinery, are in place. The field is located on an east-west-trending surface anticline with light oil being produced from the sands of the Datta formation at a depth of 4,500 metres. Light oil potential exists in an uphole fractured Carbonate Paleocene and Eocene sequence (4,150 metres) divided into the Sakesar, Patala and Chorgali formations.

Schlumberger's study substantially completes the Company's Stage 1 review of the Toot oil field carbonate formations pursuant to the terms and conditions of the Company's Agreement with Oil and Gas Development Company Ltd. ("OGDCL") the national oil company of Pakistan. The Schlumberger study covered the following; (i) an integrated review of the geophysical, geological, petrophysical and reservoir engineering data; (ii) review of the probably reservoir dynamic parameters and (iii) an understanding of the fracture system.

Schlumberger's study conclusions are summarized as follows;

- Natural fractures are predicted to occur mainly as transverse and longitudinal sets of continuous/discontinuous fractures beside conjugate and en-echelon fractures.

- Two main set of fractures are predicted to occur along the crestal area of the anticline with WNW-ESE (longitudinal) and NNE-SSW (transverse) trend.

- Regional background: The Chorgali and Sakesar reservoirs are producing in many fields in the region and the Chorgali and Sakesar reservoirs provide the primary targets for exploitation of the Toot carbonates.

- Three options were considered: A new well, a sidetrack, and an acid hydraulic fracture.

- Recommendation is the sidetrack option of up to 1,200 ft. at an estimated cost of US $2.0 Million per sidetrack. Schlumberger selected on a risked approach three existing wells for sidetracking. The well trajectory proposed is such that it intersects all three reservoirs with most of the length in the Sakesar.

The Company will be reviewing Schlumberger's study and recommendations with OGDCL during November, 2005 in Islamabad.

International Sovereign Energy Corp. is an oil and gas exploration development and production company with offices in Vancouver, British Columbia, Calgary, Alberta and Islamabad, Pakistan and is active in the exploration and development of hydrocarbon reserves in Western Canada and internationally.

Certain information provided in this press release contains forward-looking statements that by their nature are subject to numerous risks and uncertainties and readers are cautioned that actual results may vary considerably from those forecasted.

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Contact Information

  • International Sovereign Energy Corp.
    Omair Choudhry
    Senior Vice President & CFO
    (604) 684-7372
    (604) 684-2407 (FAX)
    Website: www.isove.com