American Petro-Hunter provided the latest update regarding the ongoing oil well completion program currently being undertaken at the NOJ26 location, North Oklahoma Project.
Engineers from the Company and operator have determined to commence the full well completion program from the multiple oil pay zones and have begun to perforate and complete the upper 40 foot Mississippi formation directly above the oil shale. The completion rig was directed to remain onsite, as it has been determined that the upper zone can be safely completed at this time and presents the most cost effective scenario prior to the well ultimately going on pump. The 40 foot Mississippi pay zone showed excellent oil shows and good electronic log response during and following drilling. Two analog wells from the same Mississippi formation between ¼ and ½ mile away have cumulatively produced 46,000 barrels of oil and .75 BCF gas to date.
It is the Company's opinion that proceeding directly to the comingled zone production scenario will offer the fastest method to evaluate ultimate oil production rates. Establishing the flow rate potential of the entire well ensures that future planning will accurately target the best offset drilling locations on this lease and other land holdings in the area.
NOJ26 has its pump, tank storage equipment and all lines fully installed and it is estimated that the well will be on pump and producing commercially by early next week. Ultimately, the true test of the well will be the actual quantity of oil sent to the tanks over the upcoming weeks as it is expected that an early flash of oil will be followed by a period of well stabilization.
Additional developments from the North Oklahoma Project will be made available as soon as news from the field becomes available.
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