"HP 1 is an exciting exploratory test", said PTE President and CEO Mike Cvetanovic. "We have mapped closures on both 2D and 3D seismic data sets on three horizons. A successful well will make a significant addition to the Company's proved reserves."
The HP well is the first of two drilling campaigns in the WB field announced in late October. The second round of drilling will comprise the horizontal development wells, N7 and N8, in the northern part of the WB oil pool. The horizontal program is expected to commence in January 2004.
"The horizontal drilling will target the oil bearing 'F' sandstone in the northern part of the WB oil pool," Cvetanovic said. "Reservoir simulation modeling indicates that we can expect substantially improved well deliverability and reserve recovery rates compared to vertical wells. If successful, this could reduce our development capital requirements and increase our reserve valuation. The horizontal drilling approach has been highly successful in the Gulf of Thailand."
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