Magellan Petroleum (MPET) Reports Well Completion in East Poplar Unit (EGY)
Tweet
Share
E-mailGet Alerts MPET Hot Sheet
Join SI Premium – FREE
Magellan Petroleum Corporation (Nasdaq: MPET) reported several positive developments from its operations in the East Poplar Unit in the Williston Basin, Montana.
The Company, through the efforts of its contract partner, VAALCO Energy, Inc. (NYSE: EGY), has successfully completed a vertical well (the EPU #120 well) in the deeper formations of the East Poplar Unit. VAALCO has run a production liner in this well and is in the process of evaluating the pressure, log, and core data to determine the best testing and completion procedure, which they expect to perform within the next four to eight weeks. Data collected in the Bakken, Three Forks, Nisku, Red River, and Winnipeg formations suggests each of these formations may be prospective for commercial production. Magellan was fully carried through the drilling of the well and upon completion will own an undivided 35% of the EPU #120 well and any production therefrom. VAALCO has also announced its intention to drill the second commitment well in the deeper formations of Poplar as a horizontal Bakken well in 2012.
In addition, the Company reported that in the 100% owned shallow formations of Poplar its previously announced Amsden discovery (the EPU # 117 well) has continued to flow oil since the end of January and the Company intends to place this well on pump by early April. Magellan continues to evaluate this well and looks forward to confirming this discovery with either a new well or a recompletion within an existing well in the near future.
Finally, the Company reported that it has begun an assessment plan of the potential of the 100% owned Charles formation within the East Poplar Unit for a CO2 enhanced oil recovery project ("EOR"). The first test results of oil samples from the Charles interval suggest that oil from this formation has the requisite miscibility to imply that it is susceptible to CO2 flooding. The Company expects to receive additional laboratory test results on these oil samples within the next few weeks.
The Company, through the efforts of its contract partner, VAALCO Energy, Inc. (NYSE: EGY), has successfully completed a vertical well (the EPU #120 well) in the deeper formations of the East Poplar Unit. VAALCO has run a production liner in this well and is in the process of evaluating the pressure, log, and core data to determine the best testing and completion procedure, which they expect to perform within the next four to eight weeks. Data collected in the Bakken, Three Forks, Nisku, Red River, and Winnipeg formations suggests each of these formations may be prospective for commercial production. Magellan was fully carried through the drilling of the well and upon completion will own an undivided 35% of the EPU #120 well and any production therefrom. VAALCO has also announced its intention to drill the second commitment well in the deeper formations of Poplar as a horizontal Bakken well in 2012.
In addition, the Company reported that in the 100% owned shallow formations of Poplar its previously announced Amsden discovery (the EPU # 117 well) has continued to flow oil since the end of January and the Company intends to place this well on pump by early April. Magellan continues to evaluate this well and looks forward to confirming this discovery with either a new well or a recompletion within an existing well in the near future.
Finally, the Company reported that it has begun an assessment plan of the potential of the 100% owned Charles formation within the East Poplar Unit for a CO2 enhanced oil recovery project ("EOR"). The first test results of oil samples from the Charles interval suggest that oil from this formation has the requisite miscibility to imply that it is susceptible to CO2 flooding. The Company expects to receive additional laboratory test results on these oil samples within the next few weeks.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Extra Space Storage names Noah Springer as next CEO
- SLB launches electrical downhole coiled tubing control system
- Ashland launches permexa sodium caprate for oral drug delivery
Create E-mail Alert Related Categories
Corporate NewsRelated Entities
Bakken FormationSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
