Cabot Energy, the AIM quoted oil and gas company focused on production led growth balanced with high impact exploration and appraisal opportunities, has provided the following update on the Company's production and announces the appointment of a new Executive Director to the board.
- Current production in Canada is between 750 and 850 bpd gross (company working interest of 75%.)
- the 16-05 sidetrack well drilled in October this year is currently producing more than 200 bopd on pump
- The 13 - 33 dual completion well has now received all regulatory approvals and is scheduled to start production shortly with initial production rates forecast to be greater than 50 bpd.
- following positive results on the two wells treated earlier this year, the 13 - 33 well has received well stimulation treatment from Blue Spark Energy Inc. in order to enhance production since it was last produced.
- the company is looking to employ further Blue Spark well simulation as part of the upcoming winter work programme.
- In addition, the company is planning further well activities prior to year end, which, if successful would add 150 bpd (gross) production upon successful completion.
- the drilling of a second sidetrack well from the existing 10 - 32 well bore, targeting an undrilled reef.
- the completion of the company's second dual completion on the 14-22 well.
- In Italy, the Civita gas field is still producing 130 barrels of oil equivalent per day, which is accruing to the Company's benefit and will be paid as a working capital adjustment on closing of the previously announced asset acquisition from Rockhopper Exploration Plc, estimated to occur in the first quarter of 2018.
- Paul Lafferty has been appointed to the Board of Directors as an Executive Director with immediate effect.
- Paul joined Cabot Energy as Chief Operating Officer in September 2014:
- currently President of Cabot Energy Inc., the Company's wholly owned Canadian subsidiary.
- has more than 35 years' experience in upstream oil and gas facilities engineering.
- held senior positions with Consort Resources, Caledonia Oil and Gas and E.ON Exploration and Production Ltd.
Jon Murphy, Chairman of Cabot Energy, commented:
"Paul has been instrumental in developing operations in Canada and increasing production. Following his move to Calgary earlier this year, he is successfully building the Canadian team to deliver on the Company's production and reserve growth plans. We are pleased to welcome him to the Board."
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/24112017/cabot-energy-plc-production-and-operational-update/