Singleton Oil Field Operations Update
(Thomson Reuters ONE) - SINGLETON OIL FIELD OPERATIONS UPDATE* Singleton production planned to exceed 1,000 BOEPD during 2010* New development well being planned for early 2010 on foot of successful 2009 SNX-10 well resultso Currently in discussion with rig operators for new wello Studies indicate new well could flow up to 400 BOEPD* Production enhancement programme planned for Q4 2009* Gas monetization - Gas-To-Wire project to monetize c. 200 BOEPD of gas production* Hydraulic fracturing - study commenced to unlock the potential of 300% productivity increases in fractured wellsProvidence Resources P.l.c., the London (AIM) and Dublin (IEX) listedoil and gas exploration and production company, is pleased toannounce an update on the continuing re-development plan for theSingleton Oil Field onshore UK. Following the recently successfulSNX10 development well, which came into production in Q2 2009,production at the field increased by 250 BOEPD. Further work has nowindicated that Providence could expect to exceed its stated objectiveof increasing field production to over 1,000 BOEPD during 2010. Theproduction increase is expected to be achieved through a phasedprogramme of activities on the field, as outlined below.2010 Drilling PlanRecent technical studies, post the successful SNX-10 well, haverevealed a number of further infill drilling opportunities whichwould further significantly enhance both the production rates andultimate reserve potential of the Singleton Field. Providence hashigh-graded a location in the western part of the south fault blockfor a new development well. Planning operations for drilling this newwell during the first half of 2010 have commenced, and discussionsare taking place with rig operators to secure a rig for this well. Itis planned that the well will be longer than the recent successfulSNX-10 well, with an objective to intersect twice as much reservoirsection as the SNX-10 well. Studies indicate that initial flow-ratesof up to c. 400 BOEPD could be achievable due to the extra reservoirexposure, together with the higher reservoir pressures expected inthis area.Production EnhancementProvidence continually works to maximize production and reserves fromthe existing production wells at Singleton. Providence has designeda major well production enhancement programme on these wells, whichit will carry out over the coming months. This programme includesacid stimulation aimed at increasing well productivity, therebyresulting in increased oil rates and reserves. Further optimizationwill be carried out on the artificial lift mechanisms on one of thewells, with a new jet pump configuration being installed in Q1 2010to maximize oil rate and reserve potential in this well. Combined,the production enhancement programme on Singleton is expected toyield up to c.100 BOEPD of increased production in the short term.Gas MonetizationCurrently c. 200 BOEPD of gas at Singleton is flared. Providencepreviously announced that it planned to monetize this gas utilizingCompressed Natural Gas (CNG) technology. Having completed its reviewof the gas monetization project, Providence has concluded that themost economically beneficial manner in which to monetize the gas isnow through a Gas-To-Wire (GTW) power generation scheme. Thisinvolves increasing the current onsite gas fired electricalgeneration capacity and exporting the power to the national grid. Theinitial phase of the GTW project is scheduled to be complete by theend of Q1 2010 and will utilize c. 60 BOEPD of gas. The final phaseof project should be operational by Q4 2010 which will increase gasmonetization to 200 BOEPD.Hydraulic FracturingProvidence has recently engaged industry fracture stimulation expertsStrataGen (formerly Pinnacle Technologies) to undertake a study onhydraulic fracturing of the Singleton field. Pending final outcome ofthe study, Providence plans to perform fracture stimulation in anexisting production well during the first half of 2010. Fracturestimulation could be expected to dramatically increase oilproduction, with suggestions that up to a 3 fold increase in initialoil rate per well may be possible. Depending on the results of thisprogramme, further wells may be included in the programme.Speaking today, Tony O'Reilly, Chief Executive of Providence, said:"Building on our recent success during the spring, with the newSNX-10 well, we continue to progress with our re-development of theSingleton Field. By applying cutting edge technology to Singletonthrough sub-surface modeling, extended reach geo-steered wells, andapplying fracturing and stimulation techniques, we plan to exceed ourtarget of producing over 1,000 BOEPD during 2010. Our ultimate aim isto maximize production, as well as reserve potential, whilst alsoensuring that Singleton is one of the best managed oil fields onshoreUK."Contacts:Providence Resources P.l.c. Tel: +353 1 2194074Tony O'Reilly, Chief ExecutivePowerscourtTel: +44 207 250 1446Rory Godson/Elizabeth RousMurray ConsultantsTel: +353 1 498 0300Pauline McAlesterCenkos SecuritiesPlcTel: +44 207 387 8900Joe Nally/Nick WellsDavyTel: + 353 1 679 6363Eugenee Mulhern/ Stephen BarryNOTES TO EDITORSAbout ProvidenceProvidence Resources P.l.c. is an independent oil and gas explorationcompany listed on the AIM market inLondon and on Dublin's IEX market. The Company was founded in 1997,but with roots going back to 1981 when its predecessor company,Atlantic Resources Plc was formed by a group of investors led by SirAnthony O'Reilly. Providence's active oil and gas portfolio includesinterests in Ireland (offshore), the United Kingdom (onshore), theUnited States (onshore and offshore) and West Africa (offshoreNigeria). Providence's portfolio is balanced between production,appraisal and exploration assets, as well as being diversifiedgeographically. Comprehensive information on Providence and its oiland gas portfolio, including all press releases, annual reports andinterim reports are available from Providence's website atwww.providenceresources.com.About SingletonThe Singleton Oil Field is located 7 km north of Chichester inonshore licence PL 240 in the Weald Basin, South of England. Thefield consists of two east west trending elongate horst blocksdivided by a narrow graben. The wells produce from the Jurassic-agedGreat Oolite formation, consisting predominantly of ooliticgrainstones deposited during transgressive/regressive episodes. Sinceproduction commenced in 1989, the field has produced c. 3.7 MMBO,which represents a recovery factor to date of c. 3.5%. Published datafrom similar fields in the area suggest an ultimate recovery factorof up to c.10% should be achievable. Recent studies (2008) suggestedan original oil in-place resource of up to c.107 MMBO, a 50% increaseover previous estimates which indicates that there is up to c. 7 MMBOof potential remaining reserves. The produced oil is a 37o APIgravity crude and is trucked to the Holybourne Rail terminal.In March 2009, the Company completed drilling operations on theSNX-10 development well.This development well was drilled to a totalmeasured depth (MD) below rotary table of 13,001 ft (4,158 ft truevertical depth subsea) using the Larchford Drillmaster 1 drillingrig. The SNX-10 development well targeted two Middle Jurassicintervals which form the primary reservoirs for the Singleton Field.Analysis of the well log data demonstrate that the well encountered atotal cumulative net reservoir section of c. 1,060 ft MD. This wellwas the first on the field to be geo-steered with the total welllength and trajectory being refined during drilling using real-timedown-hole data. This technology allowed for the optimization of thewell path as the hydrocarbon bearing reservoir intervals were beingdrilled. Initial Production from SNX-10 was c. 250 BOEPD. Prior tothe results from SNX-10, production from the field was averaging c.500 BOPD and c.1.2 MSCFGD from six wells.Providence holds a 99.125% interest and operates the Singleton Field,with Noble Energy holding the remaining 0.875%.Terms used in this AnnouncementMMBO Millions of Barrels of OilBOPD Barrels of Oil per DayBOEPD Barrels of Oil Equivalent per DayMSCFGD Millions of Standard Cubic Feet of Gas per DayThis Announcement has been reviewed by John O'Sullivan, ExplorationManager, Providence Resources P.l.c. John holds a B.Sc. in Geologyfrom University College Cork, Ireland, an M.Sc. in Applied Geophysicsfrom the National University of Ireland, Galway and a M.Sc.inTechnology Management from The Smurfit School of Business atUniversity College Dublin. John is presently working part-time on aPhD dissertation at Trinity College, Dublin. John has worked in theoffshore business for 19 years and is a fellow of the GeologicalSociety of London. Definitions in this press release are consistentwith SPE guidelines.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 22.09.2009 - 08:08 Uhr
Sprache: Deutsch
News-ID 6061
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 299 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Singleton Oil Field Operations Update"
steht unter der journalistisch-redaktionellen Verantwortung von
Providence Resources plc (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
