Wavefront announced that the second of five Powerwave single well stimulations planned for the Samaria Luna asset has been completed. The objective of a single well stimulation is to re-establish oil production beyond current rates. Oil production results for the initial two Powerwave stimulations showed increased benefit over conventional approaches. Pemex has asked that exact results of the stimulation work not be released until Wavefront completes the entire stimulation program.
"Wavefront continues to make progress in executing on the Pemex non-binding Letter of Intent announced October 27, 2009," said Wavefront President and CEO Brett Davidson. "Pemex is a very attractive opportunity for Wavefront and we are actively screening the vast number of wells that are presented for stimulation across various assets. For waterflood applications, Wavefront is also working to identify the best targets for Powerwave deployment."
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