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PRNewswire-FirstCall via Comtex/ -- David Martin, Chairman of Ivanhoe Energy Inc., announced today that initial oil and gas production has commenced at the Citrus No. 1 well, Ivanhoe's first horizontal well in the Citrus Prospect area. Stabilized initial production rates for the well are 210 barrels of 34 degree API oil per day and 195 Mcf of gas per day. The Citrus No. 1 well extends the southern productive area of the large Lost Hills field in California's prolific San Joaquin Basin. Ivanhoe is the operator and owns interests ranging between 83% and 100% in leases comprising the Citrus Prospect, covering 2560 acres.
The initial production through a 35/64-inch choke is yielding 2,000 barrels of total fluid per day, 210 barrels of 34 degree API oil per day and 195 Mcf of gas per day with a flowing tubing pressure of 270 Psig at the surface. At nearby offsetting vertical wells owned by other companies, reported stabilized initial production rates averaged 125 barrels of oil per day and 300 Mcf of gas per day with a water cut of about 80%. Water production, along with oil and gas, is standard in this field.
A total horizontal section of more than 1,900 feet was drilled at Citrus No. 1 at a vertical depth of 7,750 feet in the Antelope Shale formation, an important producing zone in offsetting wells. A high volume fracture stimulation was successfully performed on the well in mid January. The fracture treatment utilized an innovative technique that has been successfully applied in the nearby North Shafter and Rose fields. The well was cleaned out to bottom and placed on production Wednesday, January 28, 2004, into offsetting sales facilities.
The contracted oil price for the Citrus field is Belridge light type crude minus a US$0.30 per barrel gathering and handling fee (the current net oil price is US$31.70 per barrel). The gas price is the Southern California border price minus 20% for processing and handling (the current net gas price is US$4.64 per Mcf).
Continued successful production from Citrus No. 1 could justify as many as 25 additional horizontal-drilling locations in the Citrus Prospect area. The presence of five stacked, multiple oil zones in this well could justify multilateral horizontal well bores in future wells. The other four potentially productive oil zones in the Citrus No. 1 well have not been tested at this time, but they do produce in offsetting wells.
Ivanhoe Energy trades on the NASDAQ with the symbol IVAN and on the Toronto Stock Exchange with the symbol IE.
Supplemental Information:
Each horizontal well at the Citrus project, with a lateral extension of 1,900 feet, is expected to cost approximately US$1.8 million, about 50% more than a vertical well. The Antelope Shale is of Upper Miocene age, and there are many fields producing from this formation elsewhere in the San Joaquin basin. Hydraulic fracturing, or fracing, is a well-stimulation method that increases productivity by creating a highly conductive fracture in the formation extending some distance away from the well bore.
Information contacts:
In North America: Investors: Bill Trenaman +1-604-688-8323 /
Media: Bob Williamson +1-604-688-8323
In China: Patrick Chua +86-1370-121-2607 / +852-9193-4056
Website:
www.ivanhoe-energy.com
FORWARD-LOOKING STATEMENTS: This document includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning estimates of recoverable oil, expected oil prices, expected costs, statements relating to the exploration, testing and continued advancement of the Citrus prospect and other statements which are not historical facts. When used in this document, the words such as "could," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are forward-looking statements. Although Ivanhoe Energy believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the potential that the Citrus prospect will experience technological and mechanical problems, geological conditions in the reservoir may not result in commercial levels of oil and gas production, changes in product prices and other risks disclosed in Ivanhoe's Annual Report on Form 10-K with the U.S. Securities and Exchange Commission.
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