West Announces New Nisku Pool Discovery
Calgary-based West Energy Ltd. on Wednesday announced a new Nisku exploration discovery at Paddy Creek 6-13-48-10W5 (WTL W.I. 50 %). The well encountered an 11-meter hydrocarbon column and is expected to be completed in the next few weeks. Upon successful completion, West will tie-in the well into West's battery.
Late last week, the company received its drilling license for Lodgepole 14-32-47-09W5 (WTL W.I. 100%), its first step-out location in the Lodgepole pool (Nisku TT pool). The drilling rig has moved from Paddy Creek 6-13 to the 14-32 location and was slated to spud on Thursday. After drilling 14-32, the rig is expected to move to the second step-out location at 16-32-47-9W5 (WTL W.I. 100%). Both wells are located within a mile of the West's Paddy Creek battery satellite. If successful, they could be tied-in and on production in Q4.
On June 30, West closed its sale of non-core gas assets in northwest
Alberta for proceeds of $10.3 million. The proceeds were applied to the
company's bank loan. West's bank lending facility remains unchanged at
$55 million. The company anticipates spending $23 million on Nisku drilling, well
completions, and tie-ins and waterflood injection projects in Q3.
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