DGAP-News: Deutsche Rohstoff AG:
(firmenpresse) - DGAP-News: Deutsche Rohstoff AG / Key word(s): Miscellaneous
Deutsche Rohstoff AG:
14.10.2013 / 08:58
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Deutsche Rohstoff: Tekton concludes drilling of five horizontal wells
All drillings reach oil-bearing layers/Successful 'batch-drilling' reduces
drilling time
Heidelberg/Denver. Drilling of five additional horizontal wells from
Tekton's Pavistma South pad that started in late August was finished
yesterday, significantly ahead of schedule. All drillings reached the
oil-bearing Codell- and Niobrara layers. Tekton's management assumes to
complete all wells in late October and commence production by mid-November.
Tekton successfully tested a different sectional drilling approach called
batch drilling. Instead of concluding one well after the other and moving
the rig at a high cost, the wells were divided into three sections and
drilled sectionwise. Due to mounting the rig on rails, changeover times for
section changes shorten. The idea was to reduce number of hours service
companies had to be present and hours used for changing crews or equipment.
This drilling concept is known from other US basins. Tekton is the first
company to perform batch drilling in the Wattenberg Field. As a
consequence, the wells were drilled in less time and cheaper. Whereas
Tekton in line with most companies in Wattenberg uses 14 days per well as
average drilling time in its model, the five Pavistma wells were drilled in
approximately 10.5 days per well.
As of today, the drill rig will be moved to Tekton's Frye Farms pad,
located close to the Pavistma pad. Drilling from Frye Farms will commence
within the next days. Tekton plans to test one Codell well and two Niobrara
B wells. Tekton holds a working interest of 98.5% in these three wells. A
second drill rig is scheduled to start drilling from Tekton's Diamond
Valley East pad by mid-November.
Jerry Sommer, CEO of Tekton Energy, noted: 'We are very pleased with the
outcome of our horizontal drilling so far. Our team has managed to drill
the first seven wells faster and with less costs than industry average
suggests.'
Heidelberg, 14 October 2013
Deutsche Rohstoff (Heidelberg, Germany), listed in the Entry Standard
segment of Frankfurt Stock Exchange, is establishing a new primary
producer. The company's focus is placed on oil&gas and so called high
tech metals such as tin, tungsten, and rare earth metals. All projects are
located in political stable countries with high environmental standards.
The business concept is based on redeveloping deposits, which have been
well explored in the past. For more information please visit
www.rohstoff.de.
Contact:
Thomas Gutschlag
gutschlag(at)rohstoff.de
+49 6221 871 000
End of Corporate News
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14.10.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Deutsche Rohstoff AG
Friedrich-Ebert-Anlage 2469117 Heidelberg
Germany
Phone: 06221-87100-11
Fax: 06221-87100-22
E-mail: gutschlag(at)rohstoff.de
Internet: www.rohstoff.de
ISIN: DE000A0XYG76, DE000A1R07G4,
WKN: A0XYG7, A1R07G
Indices: Entry Standard (Performance TOP 30)
Listed: Freiverkehr in Berlin, Düsseldorf, Stuttgart; Frankfurt in
Open Market (Entry Standard)
End of News DGAP News-Service
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234394 14.10.2013
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Datum: 14.10.2013 - 08:58 Uhr
Sprache: Deutsch
News-ID 305307
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Kategorie:
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