Enegi Oil, an independent oil and gas company, has revealed that the latest results from the PaP#1-ST#3 well at Garden Hill South, Newfoundland, indicate that it is in contact with at least 61.5m barrels of stock tank oil initially in place (stoiip) and 117 British cubic feet (bcf) gas initially in place (giip). Absolute open hole flow potential is expected to rise from 310 barrels of oil per day (boepd) and additional equipment has been purchased to enable the well to flow at higher rates. The company is also currently reviewing the market for the application of buoy technology and making enquiries as to the appetite of other North Sea operators to adopt the technology on currently licensed assets. In case other assets are pursued, the firm has upped its limit of the equity line facility from £7.5m to £25m.
Well that was a fairly good rns, gave a good round up of what to expect for the rest of the year, as pointed out by first-cnr ,no updated flow rates as of yet but that was to be expected as there is no storage on site yet for a higher flow rate, so we wait a wee while longer, meantime the target price creeps ever closer, nae far noo.
Looking like a fantastic day! Results to date indicate the PaP#1-ST#3 well ("the Well") is in contact with at least 61.5 million barrels of Stock Tank Oil Initially In Place ("STOIIP") and 117 BCF Gas Initially In Place ("GIIP"). The Company has regulatory approvals for a defined seismic programme covering the Garden Hill Central and Garden Hill North structures. The Company continues to review the extent of the Green Point Shale over its onshore lease, PL2002-01, and offshore licence, EL1116. The work programme currently being undertaken by SPE will result in an application for an SDL over EL1070, allowing the Company more time to pursue development of the conventional Shoal Point lead.
i was expected test flow results. Nothing new on that. looks like a further delay. they even didn t said when we will get news, just mentioned short, imo it was better say within 2 or 3week or within 2 or 3 days
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