Pennant provided an operational update on the Company's activities at Bigstone, Alberta. The Company is scheduled to spud its second Bigstone Montney horizontal well in the first week of December. The Donnybrook operated DEI Bigstone Hz 15-32-60-22 W5M well (25% working interest to Pennant) will be drilled from the same drilling pad as the Company's Bigstone Hz 14-29 discovery well (37.5% BPO/25% APO working interest) which tested in the last 24 hours of a 4 day production test at a rate of approximately 4.3 million cubic feet per day (mmcf/day) of natural gas and 295 barrels per day (bbls/day) of condensate from a 1,254 meter horizontal section; 1,011 barrels of oil equivalent per day (boe/day). The DEI Bigstone Hz 15-32 well has a planned 2,500 meter +/- horizontal section.
A third Donnybrook operated Bigstone Montney horizontal well (25% working interest to Pennant) is also planned to be spud in 1Q 2012. There are several potential locations for the third well and discussions are ongoing with partners to determine which location will be selected. The Company is joint ventured on 7 sections at Bigstone, which would support an equivalent of 14-28 horizontal wells depending upon the lateral length of each horizontal leg.
In addition, discussions are underway with area industry partners to construct a gathering system during 1Q 2012. It is anticipated that all production from Pennant's Bigstone project area will be on-stream during April 2012. Pennant expects to be able to fund the drilling of the next two wells and planned tie in from funds to be received from the recent unit and flow through share offering that will be closing prior to the end of November.
Thomas Yingling, President of Pennant Energy Inc., stated, "the Bigstone discovery well clearly exceeded our expectations and the development plans for the area are being accelerated. We are looking forward to developing this exciting project with our partners. Once these first Bigstone wells are on stream it will add to our current production dramatically."
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