Following is the update given by the company for the Silvertip Field:
• First Lance Formation behind pipe gas recompletion at Silvertip Field • One Meeteetse Formation behind pipe Recompletion
Incremental strategically times its shallow gas recompletions, targeting gas reserves, to capitalise on rising winter natural gas demand which leads to higher prices.
The Company will perform its first Lance Formation recompletion and an additional recompletion in the Meeteetse Formation.
The Lance Formation is a gas-filled sandstone that lies above the prolific Meeteetse formation at around 2,000 feet. As the Lance Formation is above the original target formations in the multi-stacked field, there is potential for access to additional behindpipe gas reserves if this recompletion is successful.
Historically, the Lance Formation has been produced in two wells within the Silvertip Field showing good hydrocarbon indicators across the crest of the Silvertip anticline. By recompleting existing wellbores to target gas reserves, Incremental’s capital costs are significantly lower than the drilling of a new well.
A further 15 wells existing wells have been identified as having proven developed not producing (PDNP) reserves in the gas formations within the Silvertip Field which will be developed through recompletions when the economics of producing the behind pipe gas are better than the current crude production or co-mingling of gas and oil production is approved.
