BNK Petroleum has provided an update on its Tishomingo Field, Caney oil shale operations in Oklahoma as well as its Polish shale gas project.
Oklahoma – Tishomingo Field
The company is currently flowing back the Wiggins 11-2H well following its recent hydraulic fracturing treatment. During this flowback, the Wiggins 11-2H had a 48 hour initial production rate of 550 barrels of oil equivalent per day (BOEPD), of which 355 barrels were oil. Preliminary data indicates that its production rate is similar to other Caneywells drilled by BNK, in particular the Wiggins 12-8H and Barnes 7-2H wells. An artificial lift system was recently run into the well and is currently being optimised.
The Hartgraves 1-5H well has been drilled and casing has been run and cemented in place. The well has approximately 4,900 feet of lateral available for fracture stimulation, which is scheduled to begin next week. The company continues to refine what it believes is the most productive stratigraphic interval and is utilizing improved geosteering tools to place the lateral in this interval. To reduce drilling and completion costs and attempt to enhance the productivity of the wells, the company has been integrating the geology, 3D seismic, core results and advanced logging-while-drilling techniques.
The Company’s drilling and completion costs for its future wells are currently estimated to be about $7.1 million perCaney well. This is a reduction of 11 percent from our previously estimated costs of $8 million.
The drilling rig is mobilizing to the Emery 17-1H location. After drilling the Emery 17-1H well, the Company’s netCaney acreage will have increased to about 15,900 acres.
Gapowo B-1 well – Poland
The downhole pressure gauges that were put into the Gapowo B-1 well are planned to be recovered this week. As previously announced, the data gathered from the gauges is expected to provide the remaining information required to complete reservoir model analysis. The company anticipates completing the reservoir analysis in October.