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Wednesday, May 7, 2014
Sea Dragon Energy Inc. announced that the Al Amir SE 21 development well, located in the Northwest Gemsa concession, encountered significant oil bearing reservoir sections and will be completed as a producer in the Shagar.
The well was drilled to a depth of 9,400 ft encountering Shagar and Rahmi oil reservoirs at 19 ft of net and 4 ft of net respectively. The Al Amir SE 21 flowed on test light 42.2⁰ API oil at a rate of 3,005 bopd with 3.288 Mmscfd of associated gas. The well will be placed in production as soon as the completion rig is moved off location.
Sea Dragon’s CEO Paul Welch said: “The AASE-21 well is the last of the producers to be drilled in the field in 2014. The currently budgeted program includes only one additional well, AASE-22, which is now drilling and is planned as a Rahmi water injector. The drilling rig will then be released, markedly reducing CAPEX, and allowing the field to be significantly cash generative for the remainder of 2014 and beyond. The technical results from the recent development activity will be incorporated into an updated geologic model which will then be calibrated by field production performance over the next year. Future development activity will be based upon the results of this new model. Field production is anticipated to remain at the current plateau rate of approximately 11,500 bopd and 12 Mmscfd as the full impact of the waterflood program is realized.”
Sea Dragon has a 10% working interest in the North West Gemsa Concession with operator Vegas Oil and Gas at 50%, and Circle Oil plc with 40%.
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