The A-52 well has been completed and as expected, two productive sands were encountered, with the pay-zone in the shallower R sands being thicker than forecast.
Net oil and gas reserves to President Petroleum from the A-52 well are now anticipated to be around 100,000 barrels of oil equivalent (boe) compared to an original forecast of 55,000 boe. This increases total net proved reserves at East White Lake by 9%.
Initial production is from the lower sands with current rates of 100bbls of oil per day and 70mcfd-100mcfd of natural gas (gross). The more prolific R sands are likely to be brought on-stream next year with forecast gross flow rates of 250bbls/day of oil and 200mcfd-250mcfd of gas.
The company said that the A-41 sidetrack well is a deeper well than A-52 with multiple target sands and work on finalizing and completing the well is still underway. Whilst the deeper Db-3 target, sand was tighter than expected and unlikely to be productive, the well encountered 25ft of hydrocarbon pay in the shallower F-4 sand. This is being further assessed prior to being brought into production.
Stephen Gutteridge, chairman of President Petroleum, said: “We are delighted with the results of the A-52 well, our first well at East White Lake since the acquisition in January. We have increased our proved developed reserves by more than expected, which will not only boost 2010 production but also provide substantial additional cash-flow in 2011.”
