Orca Energy Limited (Orca or the Company) provided Tuesday the following update with respect to its Cooper Basin and Texas joint ventures in Australia and the United States, respectively.
Burruna-3 Discovery Well
The Burruna-3 discovery well has been fast-tracked for completion with surface facilities planned for installation in February. The well will be completed as a dual zone, selectable, free flow producer where the lower and upper Birkhead sandstones are expected to be productive. In November the well encountered approximately 9.8 feet (3 meters) of interpreted net pay in two zones in the lower Birkhead as well as good quality oil and gas shows in the Murta Formation, which is productive in the adjacent Fury (OGY 20 percent) and Mirage fields.
Initial production rates are predicted to be in excess of 500 barrels of oil per day (bopd) with increasing water cut. Once the formation has been proven to flow commercially the internal contingent resource estimates will be reclassified to reserves and released to the market.
Burruna-2 Production Well
The Burruna-2 production well is currently producing free flow oil from the Namur formation at a rate of approximately 430 bopd with 75 percent water cut. A proposed work-over in March will involve the installation of an electric submersible pump (ESP) and surface facilities which should approximately double gross fluid production rates and correspondingly increase the volume of oil being produced.
Production and sales for the previous quarter were in excess of 40,000 barrels of oil.
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