The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Together, both of 88E’s target zones hold, in aggregate, a multi-hundred million barrel oil prospective resource (mean, unrisked).
Anything above the 100 barrel per day mark would be a green light to come back, drill a horizontal well and to commercialise the project with likely 6-12x higher flow rates.
Horizontal wells can deliver higher flow rates because compared to a vertical well, a horizontal well can travel horizontally through the oil filled target reservoir, and pull oil out from multiple points of extraction.
With more points to pull oil from the reservoir, this means a much higher total flow rate to surface.
For example, a flow rate of 100 barrels of oil per day could mean 88E can increase that to 600-1,200 barrels of oil per day with a horizontal well.
Last bit sounds like it includes Tomco energy,
https://www.prnewswire.com/news-releases/ecoteq-energy-asa-and-valkor-llc-secure-long-term-agreements-for-production-in-utah-usa-302008873.html
"Considering the reserves encompassed in this agreement and the unique qualities of the region, we are positioned to sustain significant production levels for decades to come. Our alliance with Valkor extends beyond this venture, as we foresee the joint development of additional prospects within the Uinta Basin," adds Bengtsson.
Once operational, this will be Vivakor's first site to process tank bottom sludge and other oil-industry based waste. The plan for the facility is to recover the oil within the sludge utilizing its patented, environmentally-friendly RPC processing technology, which has been validated for the treatment of soil. Recent testing of the RPC technology at another site showed the treated soil Total Petroleum Hyrdrocarbons range was measured between 0.2% to 0.4%, which was well within the excepted range of TPH < 1%.
RPCs are designed, engineered and manufactured off site and then moved on site for construction and the Factory Acceptance Test.
Https://feeds.issuerdirect.com/news-release.html?newsid=8655565346819686
Vivakor Achieves Milestone for its RPC in Houston, Texas
Completed Factory Acceptance Test and Now Working Toward Commercial Operations
DALLAS, TX / ACCESSWIRE / February 5, 2024 / Vivakor, Inc. (Nasdaq:VIVK) ("Vivakor" or the "Company"), a clean energy technology company focused on the oil remediation and natural resources sectors, is pleased to announce the completion of the factory acceptance tests for its Remediation Processing Center (RPC) in Houston, Texas.
The tests were done in conjunction with RK Energy and checked out all the Control Logic, Operating Screens, PLC controls, Plant Interlocks and all plant equipment/instruments/devices.
This represents a major milestone in moving forward towards operation. The Vivakor team is pressing forward to gain the necessary permits and access to power for the site, which are the final steps needed to get the RPC into commercial operation.
Vivakor Chairman and Chief Executive Officer James Ballengee commented, "This is a significant milestone and provides support for some of the rationale behind our acquisitions from the summer of 2022, as we believed in the synergies between the RPCs and our oil and gas expertise. We have now successfully completed the onsite Factory Acceptance Tests (FAT) on our Remediation Processing Center (RPC) located in Houston, Texas, and look forward to moving this unit into commercial operation."
Ballengee, continued, "We are excited to establish this first-of-its-kind center for processing and recovery of tank bottom sludge and other oil-industry waste. Millions of tons of this waste are generated annually, just within the U.S. and are typically treated with hardening agents and disposed of in hazardous waste landfills. The goal of our facility is to process this waste and recover and recycle the embedded oil - reducing the need to drill for new oil and preventing the waste from ending up in landfills."
Vivakor previously entered into a 10-year Land Lease Agreement, under which the Company agreed to lease approximately 3.5 acres of land in Houston, Texas (commonly known as The San Jacinto River & Rail Park, 18511 Beaumont Highway, Houston, Texas). When the RPC's main plant is fully operational, Vivakor's expectation is for processing 700 to 900 tons of raw material a day for an average of 600 to 800 barrels of crude production on average and production of 100's of tons of clean solids with less than 1% Hydrocarbons per 24-hour day.
As plant wide construction and main power to the facility finalizes along with the construction completion of the Wash Plant, the RPC will be ready to perform its final tuning using cleaning fluids and raw materials fed to it by the wash plant/raw material handling side.
Once operational, this will be Vivakor's first site to process tank bottom sludge and other oil-industry based waste. The plan for the facility is to recover the oil within the s