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Schwarzbach-2(2.) Well Update
Schwarzbach-2(2.) Well Update.
About this update from Beacon Energy Plc
[{"type":"text","content":"\n\n11 September 2023\nBeacon Energy plc\n(\"Beacon Energy\" or the \"Company\")\nSchwarzbach-2(2.) Well Update\nRig Release\nBeacon Energy (AIM:BCE), the full-cycle oil and gas company with a portfolio of production, development, appraisal and exploration onshore German assets through its wholly-owned subsidiary, Rhein Petroleum GmbH (\"Rhein Petroleum\"), announces an update on the Schwarzbach-2(2.) (\"SCHB-2(2.)\") well.\nSUMMARY\n· As previously announced, the SCHB-2(2.) well has encountered an excellent 34-metre gross interval containing 28 metres of oil-bearing net reservoirs in the Pechelbronner-Schichten (\"PBS\") sandstones within the Stockstadt Mitte segment of the Erfelden field.\n· These oil-bearing reservoirs were encountered approximately 25 metres high and 10 metres thicker than prognosis, with porosities averaging 18% in the Lower PBS and 21% in the Upper PBS, with no water-bearing sands in the 42m hydrocarbon column.\n· As all these metrics are above or at the top of the range of pre-drill expectations, the likelihood is that this will result in a material upgrade to recoverable reserves in Stockstadt Mitte and a de-risking of 2.4 million barrels of contingent resources already ascribed to Schwarzbach South.\n· Based on these excellent reservoir properties and the light oil recovered, standard oil-industry analysis indicates that an initial production rate in excess of 900 barrels of oil per day (\"bopd\") could be achieved. Higher rates of production have been achieved on historic wells in the area.\n· Following perforation and acidization, reservoir clean-up operations commenced on Friday 8 September 2023 and since that time the well has produced a mixture of oil, gas and drilling fluids.\n· Given delays in the programme the drilling rig must now be released but clean-up of the well will continue on site.\n· Commercial production is expected to commence from the well aided by the installation of a rod pump which will have the capacity to deliver up to 250 bopd. This will not require a workover rig. It is expected that once the well is fully cleaned up and this rate has been achieved, the rod pump will be replaced with an Electrical Submersible Pump (\"ESP\") which has higher capac...