May 27, 1998
TECHCORP FILES PATENTS FOR NEW UNDERBALANCED TECHNIQUE,
APPOINTS AUTHORIZED AGENTS IN CANADA & UNITED STATES
Mr. Arnold Wong, President, today announced:
Patent applications have been successfully filed by the Company for a method and apparatus for an underbalanced drilling technique which will offer operators a significant cost and time saving while dramatically improving safety during underbalanced drilling operations.
Traditional means of well control during conventional drilling rely upon exerting a hydrostatic head using a column of fluid to act against pressures exerted by the reservoir. With the advent of Underbalanced Drilling this downhole safety practice is actually eliminated, forcing the operator to rely on the blowout preventers and flow control equipment at surface to control the well. With the utilization of Techcorp's new downhole Deployment Valve, the surface equipment can now be isolated in the event of a problem. Traditionally, the well continues to flow through the surface flow control equipment while the pipe is being pulled or deployed. Now the flow control equipment at surface that was being continually exposed to potentially highly erosive conditions is only used during the actual drilling of the well, not during the tripping of the pipe in or out of the well. Techcorp's new technique of using a downhole deployment valve gives the operator an additional safety system downhole.
Traditionally during underbalanced operations, the well must be allowed to flow during the operation resulting in a flowing or shut-in pressure on the surface annulus. With any significant pressures, it has been necessary to either use a snubbing unit or kill the well, to avoid a pipe light situation should it be necessary to trip the string during the operation or once the well has been drilled to total depth (TD).
When utilizing a snubbing unit, the operator not only has to consider the actual cost of the snubbing operation, but also rig up and rig down time of the snubbing unit in terms of overall underbalanced drilling operation day rate costs. Onshore, these costs inclusive of the solid recovery systems, compression systems, nitrogen systems, directional services and rig costs, often times are in excess of $50,000 per day. Hence a simple trip of the drill string may end up costing the operator well in excess of $50,000.
If the unforeseen should occur and multiple trips become necessary, overall costs can escalate rapidly. Due to the increased cost potential, several operators have been forced to kill the well just in order to trip the drill string. The cost of doing this cannot be determined as when the well is killed, the formation damage that the whole underbalanced drilling operation is trying to avoid is caused, and the subsequent well production compromised.
Techcorp's new underbalanced drilling Deployment Valve will relieve the operator of the escalating costs of having to snub in and out of the well, and the decision to have to kill the well to trip the drill string. The Deployment Valve will be run as an integral part of the casing program, allowing full bore passage for the drill bit when in the open position. When it becomes necessary to trip the drill string, the string will be tripped out until the bit is above the Deployment Valve at which time the Deployment Valve will be closed and the annulus above the Deployment Valve bled off. At this time, the drill string can be tripped out of the well without the use of a snubbing unit and at conventional tripping speeds, thus reducing rig time requirements and providing improved personnel safety. The drill string can then be tripped back into the well until the bit is just above the Deployment Valve, at which time the Deployment Valve can be opened and the drill string run in to continue drilling operations.
Several methods of completing the well and operating the Deployment Valve are currently being developed to allow well design flexibility and ease of integration of the Deployment Valve.
Techcorp plans to market the Deployment Valve directly to the operators so that the up front costs of tripping the string are known to the operator when planning the operation. It is estimated that savings from the system could easily be in excess of $75,000 per well. Techcorp also believes that the Deployment Valve will have applications during completion, re-completion, perforating and coiled tubing operations.
Techcorp also announced today that Leader Energy Services, Inc. (USA), and its Canadian subsidiary Leader Energy Services Inc. (Canada) have been appointed authorized agents for Techcorp's complete product line.
As authorized agents, Leader Energy Services will market and also act as Techcorp's sales and service outlets both in Canada and the USA. Techcorp will continue to establish agency agreements with organizations in other countries to further the sales of products in the energy industry.
Techcorp Industries Inc. is a research and development company involved in the design and manufacture of proprietary products for the energy sector. As an original equipment manufacturer (OEM), Techcorp is actively involved in the sale and rental of this equipment. In addition, Techcorp also pursues transfer of technology agreements and the licensing of their design files. Techcorp's dedication to quality and its corporate philosophy to develop technical, innovative products will continue to enhance its future.
"The Alberta Stock Exchange has neither approved or disapproved of this information."
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