|
Canadian Overseas Petroleum Ltd on Monday noted the first successful Frontier 1 oil completion at Cole Creek in the US state of Wyoming.
The oil and gas exploration, production and development company, which focuses on operations in Converse and Natrona counties, Wyoming, said the 11-27-3n-77w well is currently producing 125 to 135 barrels per day.
This includes gasified light oil cuts of up to 86%.
Well clean-up is continuing with near well-bore damage caused by invasion of significant volumes of light fresh water drilling mud during drilling over 10 years ago, it said.
Canadian Overseas Petroleum said it expects conversion of Frontier 1 prospective resources to contingent resources and, ultimately, reserves as additional producing wells come online.
It has identified an ‘oil down to’ elevation for the Frontier 1 at Cole Creek, covering an area of around 8,000 acres.
The Frontier 1 recompletion program at Cole Creek will continue with 4-27-35n-77w, it added.
‘The results from the Frontier 1 11-27 recompletion is a game changer for our Company as the defined oil-bearing reservoir currently covers a large area at Cole Creek with evidence it extends further down dip on the east flank of the anticline,’ said Chief Executive Officer Arthur Millholland.
‘These results have also confirmed our internal evaluation of the Frontier 1 after the drilling and evaluation of our 14-30 exploration well last year. All of the wells with wireline logs from the 1970s to present have similar petrophysical characteristics within our mapped trends.’
Shares in Canadian Overseas Petroleum were up 1.3% to 16.05 pence each in London on Monday afternoon.
By Greg Rosenvinge, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
|
