Shewashan Output Significantly Below Target

Shewashan #3:

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.

Shewashan #4:

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.

2018 Budget:

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.

Reserve Report:

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)

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