Nordic announced the completion of the second of the five standing cased wells which Nordic drilled in late 2009. Production from the 15-14-50-2 W4 well is currently being evaluated.
It is anticipated that the third well from this group of five will be on production early next week, while completion of the fourth well is scheduled for mid-October. The fifth standing cased well is expected to be completed later this quarter.
Based on current production estimates of 40 bbls/d per well (13 bbls/day net to Nordic), total production from the four additional wells is anticipated to average nearly 160 bbls/day (53 bbls/day net to Nordic).
"When the fifth and final well from this group comes on production later in the fourth quarter, Nordic could end the year with production of approximately 100 bbls/day from our interest in 14 heavy oil wells in Lloydminster," Mr. Benson stated.
Mr. Benson added that Nordic and its partners in the region are planning to drill two new wells in Lloydminster before the end of this year, and have identified two wells for re-entry. As such, when all wells are on production, Nordic will have a 33 1/3% interest in 18 wells at Lloydminster by the end of 2010 or early 2011.
Regarding the Company's impending new well at Preeceville/Endeavour in east-central Saskatchewan, the Company is currently awaiting approval of its well license application from the Saskatchewan government, and expects to move forward with drilling the exploration well shortly after receipt of the license.
"We anticipate that we will be in position to drill this new well in October, something we look forward to with great anticipation," added Mr. Benson.
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