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:
| Jan-Mar $000 |
Apr-June $000 |
July-Sep $000 |
Oct-Dec $000 |
|
| 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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