"These early results double our daily production," said PTE President and CEO Michael Cvetanovic. "And what we'd like to emphasize is that these are rates on the first oil out of the ground - a starting point only that we expect should steadily increase as we continue to clean-up the well."
Mr. Cvetanovic explained that as is typical in horizontal drilling, on-going clean-up operations are necessary. He said that at this point N8 is producing from only a small portion of the well, with remnants of oil-based mud blocking the influx of oil. "We know we're not getting as much oil as we could but that flow will improve as the oil-based mud continues to be removed from the well."
The Company plans to conduct a series of operations over the coming weeks to facilitate well clean-up.
The Company also announced that the planned perforation of casing on the N7 well has been delayed by workover operations on N8. The workover rig has now been moved back to N7 to facilitate the perforation of a 12-metre interval behind casing. Cvetanovic said the Company expects to be in a position to announce production rates from N7 within the week.
Pacific Tiger is the operator and holds a 40% stake; Carnarvon Petorleum holds the remaining 40%.
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