Dejour has now logged its third well at its Drake Field extension. Log analysis has confirmed > 6 meters of natural gas bearing Notekewin sands with porosities as high as 24%. Dejour has a 100% working interest (WI) in this Drake Field extension project. Once pipe has been set, Dejour will establish flow rates and prepare for completion and hook up.
The Drake drill rig will immediately move to well location number 4, which has been cleared. This well will test not only the Notekewin sands present in the first three wells, but also deeper zones including the Halfway, which show potential on the interpretation of the 3D seismic coverage purchased over the Dejour working interest lands. The Halfway zone in an adjacent well of recent vintage initially produced flow rates of 3.7mmcf/d rising to over 5mmcf/d (million cubic feet per day) natural gas, according to government documents registered on Accumap.
Reservoir engineering calculations on these properties will be forthcoming prior to the end of February. Further development will follow.
To date in the Peace River Arch, Dejour has drilled five successful wells, now being prepared for production, five additional exploration wells now in the process of being tested for commerciality and have five more wells to drill (four offsetting discoveries), test and hook up prior to break up, expected by the end of March.
This latest logged well positions Dejour to continue the targeted production rates of > 10mmcfe (million cubic feet of gas equivalent) / per day natural gas to its WI interest from these operations by the end of Q1-08.
BOEs [or 'McfEs' or other applicable units of equivalency] may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl [or 'An McfGE conversion ratio of 1 bbl: 6 Mcf'] is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
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