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Dholka Production History

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India: Dholka and Wavel Fields

over 50%. Through our onsite improvements and analysis of the field's proven reserves, we believe that there is a tremendous upside potential in increasing both oil and gas production.

The Dholka and Wavel fields are located in the state of Gujarat in India, about 320 miles (515 kilometers) and 339 miles (546 kilometers) north of Mumbai (Bombay) respectively. Dholka is about 38 miles (60 kilometers) south of Ahmedabad and Wavel is about 15 miles (25 kilometers) north east of Ahmedabad, a major city in Gujarat, India. The Dholka field has numerous hydrocarbon zones including conventional sandstone-siltstone reservoirs and newly discovered shale reservoirs. The Wavel Field also has numerous hydrocarbon zones.

As of December 2013, Dholka Field produces about 9500 barrels of oil equivalent per day (BOE/D) including 1.3 Millions of cubic feet of gas per day. The Wavel Field produces about 75 barrels of oil per day. JTI's total current production from the oilfields in India is about 1,025 barrels of oil equivalent per day (BOE/D). The oil produced is 40 API gravity.

Dholka Field:

As of December 2013, there are 30 producing wells in the Dholka field. Total oil production from the Dholka Field is about 720 barrels of oil per day. In 2004, JTI started selling natural gas produced in the Dholka field. At present we sell about 29,000 Std. Cubic Meters (SCM) of gas daily [1000 MSCF/day], which is used by local industries. Daily gas sales are approximately 50 barrels of oil equivalent per day. Thus the total production from Dholka Field is about 770 barrels of oil equivalent per day.

We own a work-over rig which is currently being used to improve production in the Dholka & Wavel fields.

During 2010, we perforated and stimulated the unconventional "K-4 Shale" zone in well DK-19. As a result, DK-19 produced about 15 barrels of oil per day and 600 cubic meters of gas per day [21 MSCF/day] from K-4 Shale. We are currently evaluating commercial development of "shale gas" and "shale oil" in the Dholka Field.

During the third quarter of 2013, JTI started drilling three new wells in the Dholka Field. As of December 2013, the three new wells are producing a total of 320 barrels of oil per day. The three new wells are in the initial stage of production and we expect the production to decline until the wells stabilize. In the first quarter of 2014, JTI plans to drill two new wells. JTI expects to add daily production of 80 barrels of oil equavalent per day from the two new wells.

Wavel Field:

JTI started oil production from the Wavel field in January 2004. As of December 2013, these two wells produce 75 barrels of oil per day.

Production Update, December 2013

As of December 2013, the average daily oil production from both the Dholka and Wavel fields is about 975 barrels of oil per day. JTI currently sells about 34,000 cubic meters of gas per day equivalent to 50 barrels of oil per day. The total daily oil equivalent is about 1,025 BOE per day.

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