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Cabot Energy Progresses Work Programme With Drilling Of Final Well

Thu, 08th Mar 2018 11:26

LONDON (Alliance News) - Oil & gas company Cabot Energy PLC said on Thursday it has successfully drilled three sidetrack wells and is currently drilling a fourth in its first quarter winter work programme in Alberta, Canada.

The 06-08 sidetrack well targeted a high porosity within the reef using 3D seismic analysis, with evidence of high porosity seen during drilling operations, giving a test rate of 570 barrels of oil per day. The well is currently producing 160 barrels of oil per day at a restricted rate to manage the reservoir's long term performance.

The 15-31 well was tested at an equivalent rate of 100 barrels of oil per day, with overall fluid production rate at 300 barrels per day and the water cut continuously reducing. The well is expected to produce 100 barrels of oil per day, as analysis indicated that reef porosity would be less than the other wells in the programme.

Finally, the 10-06 well drilled 325 metres in the reservoir and was tested at an equivalent rate of 626 barrels of oil per day while still cleaning up. The well is expected to produce at an initial rate of 160 barrels of oil per day.

Currently the 03-07 well is drilling in the reservoir, and it is expected that drilling operations will finish within a week, and will be put into production if successful.

"The winter work programme is progressing well and each successful sidetrack well supports our technical approach to the redevelopment of the Rainbow region through the use of 3D seismic to identify the properties within each reef and target productive zones. With the completion of the fourth well likely to occur in the coming weeks, the programme will complete ahead of schedule and before the annual spring thaw, which is a credit to our operational team in Canada," said Chief Executive Officer Keith Bush.

Shares in Cabot Energy were up 6.3% at 4.57 pence on Thursday.

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