Trzek Brings Mixed News for Aurelian
Aurelian Oil & Gas has updated operations at its Siekierki Tight Gas Project, revealing mixed progress results on the Trzek-2 and 3 wells.
The company reports that the stabilised flow rate test for the Trzek-2 begins well is now likely to be less than originally expected.
Aurelian which had been predicting a flow rate of about 8 million standard cubic feet per day of gas (mmscf/d), has said testing had been delayed by two weeks due to mechanical problems. Stabilised rate at the end of the 14-21 day test is likely to be less than the Company had originally expected.
Aurelian says however, that good reservoir quality indicators and expected lower production decline rates means that the company should still recover 16-28 bcf from this well and 346 bcf (net) from 20 wells across the full project.
Good new was given for the Trzek-3 well, which is drilling ahead of schedule with casing set at 3,699 metres after 57 days, compared to 90 days in Trzek-2 and stabilised flow test results are expected by late June or early July.
Aurelian also said the first Bieszczady well, which is targeting prospective resources of up to 100 million barrels (gross), has encountered excellent oil and gas shows and flow of oil and gas obtained in two short term drill stem tests indicating existence of an active oil and gas system above primary targets.
Bieszczady is currently drilling at 3700 metres and is till to reach three primary oil targets located between 4,000 and 4,800 metres. A Second well is expected to spud late 2011/early 2012.
CEO Rowen Bainbridge said: "Whilst the mechanical performance of the down hole and completion equipment on Trzek-2 has been disappointing, we believe that this can be corrected, will not recur in the future and will not impact the potential of our Siekierki Tight Gas Project.
"The Trzek-3 well is performing better than we had hoped and we will have stabilised flow rates from both MFHWs by the end of June/beginning of July which will help us optimise the development of this key project.
"The Bieszczady well update is encouraging and the existence of an active oil and gas system above our primary targets provides us with further options as to how we may commercialise this well in the future."
"Aurelian is moving forward with our operations and our plan to create value in both of our Core Areas. As 2011 progresses I look forward to bringing you further updates, particularly on our planned activity for the second half of the year when we expect to spud the Krzesinki-1 conventional gas well in the Greater Siekierki Area and potentially two further high impact exploration wells in the Slovakian and Polish Carpathians".
Source: Aurelian Oil