Current production rate: 200 bopd and 30% water cut from Kometan formation. Recompletion plans include: isolation of the Qamchuqa reservoir to reduce the water production and further stimulation of the Kometan reservoir.
Currently producing at low, water free oil rates on a small (12/64”) choke from the Kometan. This well produced initially from the Qamchuqa reservoir but due to high water production it was recompleted and stimulated in the Kometan reservoir. Recompletion plans include: much larger acid fracturing on the Kometan or alternatively this well is also a candidate for a propped hydraulic frac in the Shiranish reservoir.
2018 Production Forecast:
The production forecast for 2018 is 665,400 barrels of which 1,800 barrels per day is the forecasted average for the first half of 2018.
The Gross 2018 Operating Budget is $20.8 million, which includes the fixed and variable costs for production, as well as recompletion activity to increase production rates.
Expenditure by quarter is as follows:
|TOTAL PSC BUDGET||5,045||5,045||5,369||5,369|
Breakeven field economics are estimated at 2,152 barrels per day, at an assumed Brent price of $50.00/barrel reducing to 1,761 barrels per day at an assumed Brent price of $60/barrel.
GPK has engaged DeGolyer & MacNaughton to revise the 2017 Reserve Audit. This study commenced in November and is expected to be delivered in March 2018.
(Source: New Age)