Concurrent with ongoing production and new drilling operations, extensive geologic studies continue across the Mtsare Khevi Gas Complex. These ongoing studies include the integration of current gas production performance; historical geologic, geophysical and engineering databases; new geologic field work and outcrop sampling, as well as associated laboratory analysis. To date, study work reveals extensive conventional and unconventional (Maykop shales) potential associated with the Mtsare Khevi Gas Complex. This work is expected to conclude during the third quarter of this year, with independent assessment to commence later in the fourth quarter of 2014.
It was the publication of the independent assessment on resources that led to Rose multi bagging. With oil and gas reserves here current prices represent good value I think.
Specifically, operations will include the re-entry, sidetrack and frac-completion of the Niko #1 well. When the Niko #1 well was originally drilled and tested, it flowed at a peak rate of 960 bopd and produced 10,400 barrels during its 40 day production test. However, production was suspended as a result of a poor completion and failed packer. Today, reservoir performance modeling by Frontera from this planned operation calculates a "most-likely" case of approximately 1,000 bopd. In addition, Phase I operations will include side track of the T-#31 and T-#16 wells in order to apply frac-completions to Zones 14 and 15. Based on the Company's reservoir performance modeling, it is anticipated that these two wells can achieve daily production rates of 300 bopd per well.
Gas production operations have continued since commencement in April and are delivering gas to Georgia's national grid via the Company's gas gathering/processing facilities and associated 14 kilometer transportation system. This system accommodates gas production at a planned rate of approximately two million cubic feet per day of gas and during the month of August, new engineering design work commenced to increase capacity of the existing system.
Given how much gas we have, do we know what we are expanding the system to cope with? Presume if going to the cost and effort to expand it wouldn't be for a small tweak. Another very positive development.
Having a little look at how things are in sunny FRR land .would love to trade this share on a weekly basis and collect more on the dips .now have a better holding but would like 10mill b4 Xmas .if only REM wasn't sinking faster than the Titanic. Excuse poor spilling and gramor using tiny pad after a few cups of tea.HIC 37`c yesterday and the real Bridget is glowing ,amusing for a day but she will be browner than me in a day or so ..nice to c a rise today would like 1.8 again to sell a few. And buy back on the dip.I do as most of you know its risky but at the same time annoying not to have taken a profit on the last spike.would have my target and free holiday. 2 weeks left lazy days in the sun...share feeling is such hard work.worst part is having a lie in 2hrs time diff. He he GLA ttfn.now come on rem. Get up there .
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