Over the past 24 hours, stable dry-oil EWT production has averaged 293 bopd at a modest drawdown, demonstrating the Portland perforated interval has remained in good condition since the last (
Further to the announcement of
As a result of a successful reservoir pressure 'interference' testing campaign, undertaken to assess the degree of communication between Horse Hill-1 ('HH-1') and the new HH-2z horizontal, it is now intended to accelerate the start of up to 25 years of continuous long-term production ('Production') by 6 months.
Subject to
A revised Horse Hill Field Development Plan ('FDP') has been submitted to the
Necessary additional surface facilities, including generators to produce electric power from associated gas, will be installed prior to Production start. Further possible infill wells, water injection and additional gas utilisation will be addressed via subsequent FDP addenda and submitted to the OGA for consent at the appropriate time.
The HH-1 Kimmeridge interval will now remain shut in for a further long duration pressure build-up test. Plans to install a dual completion to enable HH-1 to produce from both the Portland and Kimmeridge oil pools are being formulated. A future Kimmeridge appraisal/production well is also planned, once full Portland Production and positive cash flow has been established from the field.
George Frangeskides, Alba's Executive Chairman, commented: 'Alba is very pleased to learn of the successful restart of Portland production from the HH-1 well and of the updated plans for the commencement of long-term continuous production at the Horse Hill Oil Field this year.'
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's or any third party's ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
Contact:
George Frangeskides
Tel: +44 20 3907 4297
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