A Build Up Test, as Quadtracker describes will give you the reservoir pressure- ie the pressure in the reservoir away from the well bore. This is very important as this is essentially the energy that drives production to the surface. You will also get a measure of 'Skin'- which is pressure drop in the reservoir near the wellbore caused by damage to the reservoir resulting from drilling or production actions: damage cuased by mud for example, or by scale dropping out of the production stream in the reservoir or across the perforations.
The other bottom hole pressure is the Flowing Bottom Hole Pressure- this is the pressure downhole when the well is flowing and stable (remember to make a note of the stable flowrate that you measure the FBHP at!). You should get both of these numbers from a well designed Build Up/ Flowing WellTest. Get your petroleum engineering department (or the service company) to model the expected test before you start, to make sure that you shut the well in long enough to get meaningful results- I've recovered gauges to surface to find that I should have left them there for another 48hrs in the past!
If you know Reservoir presusre, FBHP at a particular flowrate and skin value, you can work out the production index of the well, which will allow you to forecast the rates for different Flowing Top Hole Pressures ie after opening the choke, reducing separator pressure, that kind of thing.
If you know the skin value, you may be able to suggest some stimualtion actions: acidising, reperforating, washing the well or something.
Finally, if you know the Reservoir pressure, the FTHP and FBHP for a given flowrate, you should be able to model the well's hydraulics and make recommendations about the well's lifting performance. So if it's a gas well, what the flowrates and FTHPs should be to bring any liquids to surface too, to stop the well killing itself; if it's an oil well there may be recommedations about artificial lift or something.