Junior oil firm Rockhopper Exploration reported Tuesday that a side-track well on its Guendalina gas field has been successfully completed.
The Guendalina field – operated by Eni (which holds an 80-percent interest) – is located in the northern Adriatic, offshore Italy. Rockhopper said the side-track well was drilled on time and on budget, reacking a planned total depth of 10,750 feet.
The firm added that all the target horizons within the Pliocene layer were gas-bearing and penetrated in an up-dip position with anticipated reservoir characteristics. Also, two deeper gas levels were encountered that have been perforated as part of the dual string completion.
Total production has resumed and has stabilized at approximately 15.5 million cubic feet of gas per day, with Rockhopper's share amounting to 3.1 million cubic feet of gas per day (580 barrels of oil equivalent per day). This production represents an increase of 190 percent over the last reported rates of approximately 200 boepd net, the firm said.
Rockhopper expects net revenue from Guendalina to amount to approximately $7 million in 2016.
Rockhopper CEO Sam Moody commented in a company statement:
"We are delighted with the results of the sidetrack operation, which has delivered the company a material increase in our daily production, added to which we anticipate that we should be commencing production on our 100-percent operated onshore gas development Civita by the end of this year. This boost to revenue and cash flow also reinforces our strong financial position and demonstrates real progress in the building of our Greater Mediterranean portfolio post the acquisition of Mediterranean Oil & Gas plc."
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