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Austral Pacific Updates Cheal Oil Field Developments & Stakeholder Briefing Strategy
Austral Pacific Updates Cheal Oil Field Developments & Stakeholder Briefing Strategy.
About this update from Apex Resources Inc.
[{"type":"text","content":"\n\n\n\nWELLINGTON, New Zealand, July 26 /CNW/ -- Austral Pacific Energy Ltd.\n(TSX-V: APX; NZSX: APX; Amex: AEN) is pleased to announce major new\ndevelopments in the Cheal Oil Field, onshore Taranaki, New Zealand.\n\n\nOil, gas and LPG sales contracts agreed\n\n\nCheal Oil, gas and LPG sales and marketing contracts have been finalised\nand agreed. Commenting on these important contracts, CEO and President,\nThomson Jewell said, "We are extremely pleased to have all of these contracts\nin place with such well established players in the region. These contracts\nhave been the missing pieces of our marketing puzzle and offer us the\nopportunity to market more Cheal oil, gas and LPG as we seek to increase\nproduction volumes later this year."\n\n\nCheal Production Station fully mechanically complete\n\n\nThe Cheal Production Station is fully mechanically complete and is going\nthrough the very final stages of pre-commissioning checking before moving into\nthe full commissioning phase. The entire system will be pressure tested with\nwater prior to running the plant with hydrocarbons at full production\ntemperatures and pressures. "This is what all the hard work has been building\nto; we are gearing up for the final push and are fully behind the project\nteam. They are dedicated to running start up production volumes of about 1000\nbopd safely through the plant and on to the market", said Mr Jewell.\n\n\nDevelopment drilling plans\n\n\nThe next stage in the project is to drill, complete and, in the success\ncase, tie-in the A5 and A6 development wells. Based on current understanding\nof the performance of the existing wells in the field, and with six wells\nproducing, field flow rates in excess of 1900 bopd are possible. However, Mr\nJewell noted that the performance of the individual wells will continue to be\noptimised in keeping with good reservoir management practice. "A possible\ntrade-off between production rates and reserve recovery is a natural part of\nfield development and should allow us to maximise the reserves recovered from\nthese reservoirs. As a result we envisage that we will be producing between\n1400-1500 bopd after A5 and A6 are drilled and tied in, towards the end of\nthis year. We expect that we will increase and maintain our production output\nwith successes from our planned drilling ca...