FIELD ACTIVITIES / Abacan Tests Successful Ima #9 Well
TSE SYMBOL: ABC
NASDAQ SYMBOL: ABACF
FEBRUARY 10, 1998
CALGARY, ALBERTA--Abacan Resource Corporation today announced the
successful test results on its Ima #9 well, an offshore
development well located on the company's Ima Field in the Niger
Delta. The well was drilled to a true vertical depth of 11,400
feet (3,475 meters) and flow tested on a one inch choke at a rate
of 2,335 barrels per day of 57 degree API oil and condensate from
a single zone. The well has been tied into the Ima Field
production facility and has commenced production testing. Ima #9
was drilled on the north Ima Field which was discovered by the Ima
#6 well and was completed in the upper "F" sand. After production
testing, the lower "F" sand may be completed.
The Ima #9 wellbore was also used to investigate a deep "X"
prospect, located at a true vertical depth of 12,940 feet (3,945
meters), identified by 3-D seismic. Upon drilling into this
objective, a high pressure regime was encountered which resulted
in an underground blowout. For safety and operational reasons,
drilling could not continue. The deeper "X" zone was controlled
and cemented.
Extensive sample analysis confirmed that new hydrocarbon fluids
entered the wellbore from the "X" zone. Commerciality of this
potential zone can only be confirmed by further drilling of a new
well.
The Company is in the process of entering a claim with their
Insurance Underwriters in respect of the underground blowout in
the Ima #9 well and anticipates recovery of costs and expenses in
this regard.
ABACAN SPUDS IMA #10 WELL
The Company also announced that drilling has commenced on the Ima
#10, a development well, which will be drilled to the north east
of the Ima Field.
Certain statements in this News Release constitute "forward
looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward looking statements
involve risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Corporation to
be materially different from any future results, performance or
achievements expressed or implied by such forward looking
statements. Such risks include the risks that anticipated future
drilling or results may not occur as expected and that insurance
proceeds will not be received as expected on a timely basis. |
