Business
Fouke 2 Production Rates Exceed Expectations
Fouke 2 Production Rates Exceed Expectations.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n \n \n \n 16 May 2022\n \n \n \n \n \n \n \n \n \n Nostra Terra Oil and Gas Company Plc\n \n \n \n \n (\"Nostra Terra\" or \"the Company\")\n \n \n \n \n \n \n \n \n \n Fouke 2 Production Rates Exceed Expectations\n \n \n \n \n Significant Increase in Free Cash Flow\n \n \n \n \n \n \n \n \n Nostra Terra (AIM: NTOG), the international oil & gas exploration and production company with a portfolio of production and development assets in Texas, USA,\n \n is pleased to announce that the Fouke 2 well (NTOG 32.5% WI), at the Company's Pine Mills oil field in east Texas, has been completed, tested and is now on production.\n \n \n \n \n \n \n Highlights:\n \n \n \n \n \n \n ·\n \n Fouke 2 well producing at 145 bopd greatly exceeding internal expectations\n \n \n \n o \n \n 77% higher than Fouke 1 current production rate\n \n \n \n o \n \n 100% oil, no water\n \n \n \n ·\n \n Oil sales from the Fouke 2 have commenced\n \n \n \n ·\n \n Both Fouke wells to produce at higher levels while permanent allowable increase is sought;\n \n \n \n · Increased production rate from both Fouke wells would represent a circa 40% increase in net production based on Q4 2022 average bopd\n \n ·\n \n Significant increase in Company's free cashflow due to increased production, higher prices\n \n \n \n ·\n \n Grant East #1 well being completed\n \n \n \n \n \n \n \n \n \n The Fouke 2 well was completed in two reservoir sections within the Cretaceous Woodbine Formation. A total of 23 ft of pay was perforated within these two sequences only, one of which was found in the offset Fouke 1 well. After completion, the well was tested and flowed at a rate of 145 bopd over a 24- hour period with a 0% watercut. The well has now been placed into continuous production and oil sales from the Fouke 2 have commenced. This production rate exceeds that of the offset Fouke 1 well by 77% which has been limited by field rules (allowable) to 82 bopd per well. For more than a year the Fouke 1 has produced oil at this allowable rate without decline and not produced any water.\n \n \n \n \n \n As a result of the past performance of the Fouke 1 and the test rate of the Fouke 2, the operator plans to request a substantial increase in the field allowable rate so that both wells can be pro...