sweet fills on the CHU:-).......check out the RTK news:
November 28, 2011 16:47 ET
Artek Exploration Ltd. Provides Operations Update and Announces New Doig Liquids Test Rates at Inga
CALGARY, ALBERTA--(Marketwire - Nov. 28, 2011) - Artek Exploration Ltd. (TSX:RTK) ("Artek" or the "Company") is pleased to provide the following operational update.
The Company has successfully drilled and completed two new horizontal wells (60% working interest) at its Doig natural gas and condensate pool in the Inga area of British Columbia. The wells are step-outs to its first two horizontal Doig wells in the pool which tested at an average rate of approximately 1,960 boe/d of which approximately 1,250 bbl/d was condensate. The two new wells were drilled from a common pad but tested and validated two independent drill spacing units. After a 48 hour clean-up test period, the first horizontal well was flowing at an average rate of approximately 4.7 mmcf/d of natural gas (of which approximately 60% was formation gas and 40% was load) and 1,033 barrels of condensate per day, or a total of 1,815 boe/d over the last seven hours of the test at a flowing pressure of 386 PSI. The well validated the productivity of the reservoir in a portion of the pool that Artek would generally describe as finer grained and lower permeability. The second horizontal well flowed after a 72 hour cleanup test period at an average restricted rate of approximately 7.5 mmcf/d of natural gas (of which approximately 74% was formation gas and 26% was load) and 1,062 bbl/d of condensate or a total of 2,312 boe/d over the last seven hours of the test at a flowing pressure of 1,338 PSI. The laterals were drilled to 1,119 metres and 1,259 metres respectively (approximately 3,100 metres of total measured depth) and each was stimulated using a 15 stage hydrocarbon frac program. The average liquids ratio for the two wells over the last seven hours of the tests was significant at approximately 278 bbl/mmcf of formation natural gas. Artek expects liquids yield ratios to decline over time as vertical wells in the Doig pool produce at yields in the 50 to 100 bbl/mmcf range long term.
The two step-out wells extend the productive trend further south of existing vertical and horizontal well control and establishes significant productivity in the areas of the Doig sand trend that exhibit lower permeability characteristics. The Company has compiled 29 gross (21 net) sections of land on the Doig trend and believes that the additional test results and mapping support at least 42 gross (25 net) horizontal well locations. The number of locations corresponds to less than 3 horizontal wells per mapped section. The recent results from the lower permeability rock and the high liquids ratios encountered in the pool so far suggest that an even greater horizontal well density may be required to optimize the recovery factor of the natural gas and condensate from the pool.
The Company has recently completed the expansion of its operated Inga facility, where it drops out the majority of the liquids, from 6.5 to 16 mmcf/d of processing capacity to accommodate the new volumes. After flowing through the Inga facility, Artek sends its natural gas to a third party facility where it recovers another 15 bbls/mmcf of liquids. Longer term, the Company plans to construct a relatively short sales pipeline to access additional third party capacity at a deep cut facility as volumes continue to grow from its Inga natural gas and condensate pool.
The Company is pleased with these new results and management believes it will comfortably meet or exceed its 2011 exit guidance of approximately 2,900 to 3,100 boe/d. The Company anticipates releasing 2012 capital expenditure and production guidance within the next several weeks as Artek will be in a better position to forecast the long term capability of the new wells and our expanded facility. |
