Manitok Energy Inc. (TSX VENTURE:MEI) provide an update on its 2013 drilling program.
The 15th Cardium oil well in Manitok's Stolberg drilling program was recently completed and production tested. It is the third horizontal Cardium oil well of a four well pad in which Manitok has a 33.3% working interest. The well was completed and tested over approximately a 75 hour test period. Initially, the well swabbed in at a rate of about 533 bbls/d (178 net) of oil with little associated gas, however, during the final 30 hours of the test period, the well free-flowed to surface at 764 bbls/d (255 net) of 40? API oil and 64 boe/d (21 net) of associated sweet gas. This well was unstimulated and artificial lift was not required to bring the oil to surface during the final 30 hour flow period.
The two previously drilled wells on the four well pad, the 13th and 14th Stolberg oil wells, tested at similarly strong rates. During the last 19 hours of a 72 hour test period, the 13th Stolberg oil well free-flowed at an average rate of about 950 bbls/d (316 net) of 42? API oil with 79 boe/d (26 net) of associated gas. The 14th well flowed at an average rate of 745 bbls/d (248 net) of 44? API oil and 103 boe/d (34 net) of associated gas over a 50 hour test period. More information regarding the flow tests of these wells can be found in the Corporation's April 18, 2013 and May 27, 2013 press releases, which are available on the Manitok website, www.manitokenergy.com. The fourth well of the pad is anticipated to spud this weekend. The wells on the pad are anticipated to be on production early in the fourth quarter.
Manitok released the drilling rig from its first Cabin Creek location. The well, in which Manitok has a 50% working interest, targeted a fractured Cardium reservoir in a foothills structure roughly comparable to that interpreted at Stolberg. The drilling operation went as planned. The deliverability of the reservoir will be tested as soon as the drilling rig has moved and a completions rig can be set up on the lease. Both are dependent on road and lease conditions which have been affected by the recent wet weather in the area. Results will become available as soon as testing has been completed which is anticipated to be within the next three weeks. The drilling rig will move to the Cordel area to drill a horizontal Cardium oil well where Manitok has a 25% working interest.
This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More
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