DGAP-News: Activa Resources AG: strong production start at new OSR-Halliday horizontal well
(firmenpresse) - DGAP-News: Activa Resources AG / Key word(s): Drilling Result
Activa Resources AG: strong production start at new OSR-Halliday
horizontal well
14.11.2011 / 08:10
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Corporate News 14th November 2011
Activa Resources AG: strong production start at new OSR-Halliday horizontal
well
- Second horizontal well produces 26,000 BOE in first 40 days
- 3 additional wells scheduled in 2012
- Significant reserve upgrade expected
Bad Homburg, November 14th, 2011. Activa Resources AG, an independent oil
and gas company with operational knowhow in the development and efficient
exploitation of oil and natural gas properties, provides the following
details of its 2nd horizontal well at OSR-Halliday (110-2H), located in the
southern half of the field.
The 110-2H well, the second of up to 50 horizontal wells to be drilled, has
produced 23,000 barrels of oil and 21,000 MCF since going on production 40
days ago. The well is currently producing 600 BOPD and 522 MCFGPD plus
liquids (together approx. 700 BOED).
Activa CEO Leigh A. Hooper explains: 'This excellent result confirms the
high production potential of the southern half of the OSR-Halliday field.
Oil and gas revenues from this well, of which we own 22%, have exceeded USD
2 million to date. Daily production rates are steady and we expect the well
to pay out in early 2012'.
Activa estimates that OSR-Halliday holds at least 18.6 million BOE of
economically producible primary reserves and plans to drill 3 wells in 2012
to further develop the field. These will by funded out of cash flows and
under Activa's credit facility with Texas Capital Bank.
CEO Hooper adds: 'As a result of this well and performance of offset wells
drilled by Chesapeake and Petromax, we are looking forward to a major shift
in our reserves from probable to proven (1P). This will lead to a
significant increase in the PV10 value of our proven reserves. This new
well has, as a result, materially enhanced the value of our company.'
The 110-H2 well was drilled during the third quarter to a vertical depth of
8,700 feet with a 7,000 foot lateral extension. Following
fracture-treatment the well was put on production at the end of September.
Well costs amounted to approx. USD 6.5 million.
The Management Board
Enquiries: Leigh A. Hooper, CEO, Tel. + 49 6172 483 2352
About Activa Resources AG
Activa Resources AG is an independent oil and gas company which focuses on
the acquisition, development and exploitation of oil and natural gas
properties. Activa Resources AG is listed on the Frankfurt stock exchange
and is based in Bad Homburg, Germany. The company's management and
technical team comprise oil industry experts with many years operational
experience at major international oil companies. Further information can be
found at www.activaresources.com.
Forward-looking statements
This news release includes forward-looking statements. Forward-looking
statements include, but are not limited to, statements concerning estimates
of expected drilling and development wells and associated costs, statements
relating to estimates of, and increases in, production, cash flows and
values and other statements which are not historical facts. When used in
this document, the words such as 'could,' 'plan,' 'estimate', 'expect',
'intend', 'may', 'potential', 'should' and similar expressions are
forward-looking statements. Although Activa believes that its expectations
reflected in these forward-looking statements are reasonable, such
statements involve risks and uncertainties and no assurance can be given
that actual results will be consistent with these forward-looking
statements. Important factors that could cause actual results to differ
from these forward-looking statements include the potential that the
Company's projects will experience technological and mechanical problems,
that geological conditions in the reservoir may not result in commercial
levels of oil and gas production, that changes in product prices can have a
material impact and that Activa fails to raise sufficient capital to
adequately fund its activities.
End of Corporate News
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146073 14.11.2011
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