Imperial said that it successfully jetted water from the well with coiled tubing and tested the well at an approximate rate of 440 mcf per day on a 14/64ths choke. The well is expected to be turned to sales within two weeks when repairs are completed to the sales platform operated by a third party. Additional improvement in the producing rate is expected over time as the well continues to clean itself up.
The company owns an 82% working interest in the field, which has been shut down since Hurricane Katrina caused extensive damage to the sales platform.
Imperial also is restoring production to its Coquille Bay field in South Louisiana, where repairs necessitated by the hurricane are expected to be complete and production restored by the end of May. The company owns a 40% working interest in the field and expects production to be restored to its pre-hurricane rates of 75 bopd and 800 mcfpd.
Once the work concludes, Imperial expects to realize an additional $1.8 million per year in cash flow based on current oil and gas prices.
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