Nadlac No. 3 Well in Romania Flowing Gas
Oracle Energy has been notified by project operator Carpathian Energy that re-work operations on the Nadlac no. 3 well, situated in the Nadlac field in western Romania have been completed.
The well is now flowing, producing gas and condensate. Average flowing and shut-in pressures continue to gradually increase and well flow has presently been directed into the separator and production facilities. Perforations are from 2770 to 2786.4 meters, or a perforated interval of 16.4 meters (53.3 feet). Bottom Hole Pressure shows to be approximately 297 bars (4,400 pounds per sq. inch). Initial tests indicated gas and fluid produced at the following rates:
15/64-inch choke: 1,230,000 cfgpd (cubic feet gas per day); 23 bcpd (barrels condensate per day) with FTP of 17 bars (252 pounds per square inch)
27/64-inch choke: 673,000 cfgpd; 10 bcpd with FTP (flowing tubing pressure) of 35 bars (520 pounds per square inch)
Historical field information indicates that the well may take another 2 or 3 weeks to finish cleaning up. At that time additional test results will be released. Commenting on the results Oracle Energy president Nasim Tyab stated, "This represents a major milestone for the company as the initial tests indicate that the commercial potential of the Nadlac no. 3 well is significant." Carpathian expects the Nadlac no. 3 well to be producing into the transporters pipeline and to commence commercial sale of gas and condensate within the next 30 days.
The well work over crew is rigging down the equipment from the No. 3 well, and preparing to move to the No. 100 well in the Nadlac Field to commence work over operations there. Work on the No. 100 well should start by Friday, November 18. The Carpathian/ Oracle joint venture intends to re-work a total of 4 wells in the Nadlac Field.
Pursuant to the property purchase agreement dated July 5, 2004, as amended Aug. 17, 2005, between Oracle Energy Corp. and Carpathian Energy Companie Petroliera, Oracle Energy holds an 11.2% participating interest with the option to acquire up to a 20% participating interest in six oil and gas concessions located in Romania known as the Bordei Verde Vest field and the Nadlac, Catrunesti, Cozieni, E. Ciumeghiu and N. Ciumeghiu concessions.
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