RE: Update5 Dec 2023 15:42
Rog this is what last RNS said which indicates end of November then review so ok happy to call it beginning of December considering we’ve had a weekend start of Dec and info may be being collated but talking of nothing until New Year isn’t indicated that’s your own opinion - news update will drop soon any time but on horizon in hours/days now IMHO GLA DYOR
‘Commercial production from the rod pump currently being installed on the SCHB-2(2.) well is expected in the second half of November during which the reservoir is expected to continue to clean-up.
· The expectation is that the rod pump will be replaced with an ESP in the middle of the first quarter of 2024 which has the capacity to optimise initial production from the well. The actual production will determine if any future interventions are required in this well.
· Subject to the results of the full-field review, the current FDP is likely to be superseded by a development programme with more wells over the central part of the Erfelden field to optimise the value of the additional reserves demonstrated by the SCHB-2(2.) well and the de-risked Schwarzbach South segment.
· An independent third-party CPR will be commissioned based on any seismic reprocessing and the update to the FDP.
The Company expects to provide a further update on the reservoir clean-up operation in the SCHB-2(2.) well after establishing a stabilised and sustained flowrate from the rod pump.
Beacon Energy Chief Executive Officer, Larry Bottomley commented:
"This internal assessment following the drilling of SCHB-2(2.) confirms the material impact the well has had on our reserve base in both the Stockstadt Mitte segment of the Erfelden field and the de-risked adjacent Schwarzbach South segment. As a result of the SCHB-2(2.) well, the Company believes that the Best Estimate reserves on the Erfelden field have increased from 3.8 mmbbls (pre-drill) to 7.2 mmbbls. The development of both segments that make up the central part of the Erfelden field will now be incorporated into a revised field development plan to realise the value from the material upgrade in the Company's assessment of reserves.
"We remain fully focused on bringing SCHB-2(2.) into optimal production as quickly as possible. We are working hard across all aspects of the subsurface evaluation and we are undertaking a comprehensive review of the drilling and completion operations to incorporate these learnings into an updated field development plan to deliver this additional value.
"We look forward to providing an update on the clean-up and production from the well in due course."
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