LONDON (Alliance News) - Ruspetro PLC Wednesday said it has carried out the first successful ten-day flow test on its first multi-stage fractured horizontal well at the Pottymski-Inginsky licence area in Russia.
Three large fractures were placed in the 600 metre horizontal section of Well 214 at the site. Following the initial clean-up, the well produced an average rate of 1,350 barrels of oil per day over the test period.
The watercut on the test period was approximately 50%, but the company said this is steadily declining, allowing for the optimisation of the performance of the electrical submersible pump. The watercut is the ratio of water produced compared to the volume of total liquids produced.
Well 214 is already connected to Ruspetro's production infrastructure and has been materially contributing to sales volumes since earlier this months. The company said average production in the second quarter of 2014 was 3,235 bopd prior to Well 214 being brought into operation.
Ruspetro is in the process of drilling its second well, Well 251, within its current campaign and expects to complete this work by early September. On Well 251, the company will use a completion system from NCS Energy Services, allowing for more customised fractures to be placed along the horizontal wellbore than current completion technology available in Russia allows.
"The production performance of our first horizontal well is encouraging," said Ruspetro Chief Executive John Conlin.
Ruspetro shares were up 12% to 19.00 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance