Solara announced that testing operations have been completed on the Leduc D3 well drilled at 14-7-38-3 W5M in the Sylvan Lake area of Alberta. The well was tested at a restricted rate of production over a three day testing period without the aid of artificial lift equipment. The oil rate was increasing over the three day test period and the last oil samples tested at 44.5 degree API. After recovery of substantially all load fluid and over a 24 hour test period, the well flowed at an approximate rate of 225 barrels of oil equivalent per day comprised of 43 barrels of light oil, an estimated 78 barrels of natural gas liquids and 630 thousand cubic feet of natural gas at a stable flowing rate of 609 PSIG on a 20/64(th) inch choke. The well also produced approximately 87 barrels of formation water per day. The natural gas has an estimated five (5%) percent H2S concentration which will yield approximately1.5 tonnes of sulfur products per day after processing. These initial test rates may not be indicative of the future stabilized daily production rates.
The 14-7 well may be initially produced at higher daily rates of production depending on good production practice (GPP) for the area and after consideration of reservoir management factors. Solara owns a 50% working interest in the well and lands which are subject to reduction to thirty (30%) percent if the farmor party elects to exercise its right to back in and pay its proportionate share of the equip and tie-in costs for the well. The working interest partners are proceeding with the equipping and tie-in of the 14-7 well based on the test results obtained over the past several days. Solara has identified up to two additional drilling locations on the contiguous Sylvan Lake project lands.
Solara also advises that it anticipates drilling operations will be completed on the second test well located at 12-22-38-4 W5M on a separate Leduc D3 reef anomaly within the next ten days and will report on the initial results at that time.
The Company also expects that the equipping and tieing-in of the horizontal well located at 16-9-45-5W5M for oil and gas production from the Cardium formation at its Buck Lake (Pembina) project will be completed in the next two days and anticipates that the well will be on full production by the weekend. Solara is planning on commencing the drilling of a horizontal test well within the next three weeks to evaluate the Cardium oil and gas potential on a prospect located approximately six miles to the northwest of its current Buck Lake (Pembina) working interest projects in sections 9 and 17-45-5 W5M.
The Company will continue to report on the production, testing and drilling results of these wells once it has completed the various operations.
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