received this today,note the proven and probable
reserves at $117.8 m.on their 2 Ukrainian projects.
From: newsout@canada-stockwatch.com
Date: Fri, 25 Jun 1999 12:08:14 -0700
Subject: Stockwatch: Carpatsky Petroleum Inc - News Release
X-Mailer: <WinNT's Blat ver 1.5>
Carpatsky receives further Ukraine well test results
Carpatsky Petroleum Inc KPY
Shares issued 40,796,246 Jun 16 close $0.21
Fri 25 Jun 99 News Release
Mr. Les Texas reports
Carpatsky Petroleum Inc. has received further production testing results
from well No. 102 in the Rudovsko-Chervonozavodskoye field, Ukraine. In
May, Carpatsky reported data of a short duration test performed under
unstabilized pressure conditions, which resulted in a calculated flow rate
of 59.3 million cubic feet a day. In order to obtain data under constant,
stabilized flowing pressures, extensive follow-up testing to obtain
measurements of gas flow volumes was conducted during a 30-hour time period
on each choke. Due to the substantial volumes (328 mmcf) of dry gas
produced during the operation, the well was flowed through a separator at
the field gas processing facilities and into a sales line. Data of the test
results can be summarized as follows:
Measured
Choke Flowing daily flow
size tubing rates
mm psi mmcf
9.3 5,293 16.51
10.0 4,727 16.90
12.0 4,423 23.16
13.0 4,002 24.86
14.0 3,640 27.74
The absolute open flow potential of well No. 102 was calculated to be
104.27 mmcf/day.
Carpatsky and its partner, Poltavanaftogaz, have another deep well, (total
depth - 19,085 feet) nearing completion, with five-inch production casing
set from TD to 12,631. The arrival of 6 5/8ths inch tie-back production
casing is expected before the end of June, with perforations and well
testing scheduled for July. Carpatsky and PNG are very pleased with both
the flow rates and production potential of well No. 102, considering that
it was completed and put on production at a very reasonable total cost of
$4.4-million (U.S.) despite various difficulties and setbacks which were
experienced throughout the drilling and completion of the well.
Ryder Scott Co., a U.S. petroleum engineering firm, has completed a reserve
study of Carpatsky Petroleum's interest in its two Ukrainian projects; the
RC and the Bitkov fields. According to this analysis, performed in
compliance with SEC guidelines, the company's share of proven reserves are
estimated at 233 billion cubic feet of gas and 2.933 million barrels of
condensate and oil, with a total NPV 10 value of $56.9-million (U.S.).
Probable reserves are estimated at 300 bcf of gas and 4.5 million barrels
of condensate and oil, with a total NPV 10 value of $61.9-million (U.S.).
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
Added to my position last month.
Tope |
