New Sage announced the completion of the Valentine Field, Peltier #2 well. This is the third development project between New Sage and Gulf South Operators of New Orleans, Louisiana. New Sage has a 10% working interest in the well and the project.
Peltier #2 was drilled within the well known Valentine Field and targeted approximately 430,000 barrels of oil from as many as six zones. The well encountered six potentially productive zones beginning with the R-sand, with no associated oil or water. It was noted during the prospect review that individual sands, had significant oil production (between 100,000 and 400,000 bbls oil) from several wells in the Valentine field.
The well is expected to be tied into a local pipeline and put into production. The gas cap within the currently completed zone will be produced and production from the well is anticipated to change from gas to oil in a relatively short time following hook-up of the well.
"We are very encouraged by the initial results to date on the Peltier #2 well, which continues our track record of success with GSO" said John Carlesso President and CEO. "Additional results are expected shortly following the testing of the sands that had oil showing during the initial drilling phase".
Peltier #2 well was completed at a depth of 8,500', production casing was perforated between 8486' and 8497' across the R-sand that had a minimum of five feet of net pay characterized by an average of 25% effective porosity with gas and condensate detection and low water saturations (20 to 24%) on side wall core analyses. Successive zones include the R-sand upper (4'), O and O-2 sands (10'), N-sand (8') and M-sand (5') that have moderate to high porosities indicated on logs with condensate and oil saturations detected on side wall core analyses. These sands are expected to produce condensate initially, followed by oil once they are completed and put into production.
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