news11 Apr 2013 07:53
may have been posted but a recap for bargin hunters,
Silvermere Energy, the independent oil and gas company with assets in the Gulf of Mexico, has confirmed further progress on production and sales of oil and gas during last month from the I-1 well on its Mustang Island 818-L Field.
Total production and sales of gas recorded during the month were 11,477,000 standard cubic feet (scf), an increase of 32% month to month and total production of oil was 1,845 barrels, an increase of 4% month to month (1,912,068 scf and 308 barrels, respectively, net to Silvermere). The well was flowing for 73% of the time in February, representing a significant improvement on the previous month.
Flow rates were restricted at times due to partial obstruction of the choke with drilling mud and debris as the well clean-up continued. When unrestricted by mud and debris, the well flowed at typical values of 700,000 scfpd and 155 bopd with a tubing head pressure of 2700 psi, in line with previous guidance.
Oil produced during January and February has not yet reached the shore installation and sales metres due to slow flow rates in the 20" line at the high pipeline operating pressure. The operator has advised that it intends to reduce pipeline operating pressure to increase flow velocities in the pipeline and thereby to deliver first oil sales.
Silvermere owns a 16.66% working interest in the I-1 well and a 33.33% working interest in future wells on the leases.
Commenting on these recent developments, Andy Morrison, Chief Executive of Silvermere, said: "We are pleased to note the improvements achieved during February 2013 which keep us on track to deliver flow rates in line with previous projections. The clean-up is continuing and we look forward to further progress with operations in March."
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