Petrogen Successfully Tests Emily Hawes #3-A Well
|Tuesday, November 23, 2004
Petrogen has completed further analysis and development operations of the Emily Hawes #3A Sidetrack well (E.H. #3A) located in Texas and successfully tested gas from the lower Miocene M1 sand.
The M1 sand tested at 978 mcf per day of natural gas on a 14/64" choke with flowing tubing pressure of 1395 psi. The final shut in pressure was recorded at 1950 psi, and calculated absolute open flow (AOF) was recorded at 1,998 mcf per day of natural gas. Pressures continued to build during testing, indicating that the well may still be cleaning up. The test results were achieved against 400 lbs of backpressure.
"We are extremely pleased to have achieved a successful gas test at Emily Hawes Field this early in the development process," said Bill Kerrigan, Executive Vice President, Exploration and Director. "Now that the four-point test is completed, we can conduct extended tests to learn more about the well's productivity. More importantly, we can hook-up the E.H. #3A to the pipeline and commence producing and selling natural gas. To this end, we have engaged Bill Jackson, a consulting engineer with over 30 years experience at major independent oil companies in the Gulf Coast, to design our production equipment and pipeline hook-up at Emily Hawes Field."
Commenting on the success at E.H. #3A, Sacha H. Spindler, Chairman and Chief Executive Officer said, "This is a significant milestone for our young company. These results validate the Petrogen strategy and development model of re-establishing gas production at Emily Hawes Field. In addition, they demonstrate that our small E&P Company can operate successfully in an environmentally sensitive offshore area like Matagorda Island. Re- establishing production at Emily Hawes Field cements our inflection point from an investment-stage company to an operational-stage company, and provides the platform to 'prove up' a portion of the field's estimated 12.3 billion cubic feet of gross possible reserves."
Mr. Spindler concluded, "We plan to draw on the success at E.H. #3A by expanding operations at Emily Hawes Field as well as pursuing other properties in outlying regions within the Texas Gulf Coast region that display similar formation characteristics and development potential."