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Successful production test on Haldimand No. 1 discovery well - 40 barrels of oil equivalent (BOE) (1) per day of which 34 barrels is light oil
Successful production test on Haldimand No. 1 discovery well - 40 barrels of oil equivalent (BOE) (1) per day of which 34 barrels is light oil.
About this update from Cavvy Energy Ltd
[{"type":"text","content":"\n\n\n\n\nMONTREAL, May 10 /CNW Telbec/ - PDetrolia (PEA : TSXV), Junex (JNX : TSXV)\nand Gastem (GMR : TSXV) are pleased to announce that the Haldimand No.1 well\nreached a stabilized production level of 34 barrels of light oil per day over\nthe last 10 days. A total of 491 barrels of oil were produced from the well\nduring the recent 15-day production test. The Haldimand No.1 well is located \n2 Kms from the Gaspe harbour, at the tip of the Gaspe Peninsula.\nThe test performed was a Four Point Isochronal and was carried out in\norder to determine the stabilized production flow rate of the well. This flow\nrate was reached during the last ten days of the test when the well stabilized\nat a daily production of 34 barrels of light oil associated with 1,100 cubic\nfeet of natural gas per barrel of oil (6 boe). The oil is produced from a\nhydrocarbon-saturated zone located between 950.5 and 1,090 metres depth in\nDevonian sandstones. No presence of water was detected during the test which\nwas performed using a Pump Jack.\n\"We are extremely excited by the outstanding Haldimand No.1 well results.\n This test is likely the most significant event in hydrocarbon exploration in\nthe Gaspe Peninsula's 160 year oil discovery history. What we have to do now,\nduring the next 45 days, is to evaluate the pressure build-up of the well. \nThe project partners are currently planning additional seismic and drilling\nprograms\" commented a spokesperson for the project partners.\nJunex and Petrolia each hold a 45% interest in the project and Gastem\nholds a 10% interest. Junex is the operator of the project.\n\nAbout PDetrolia\n\nPetrolia is an oil and gas exploration and development company with large\nproperty holdings in Quebec's Gaspe Peninsula. Petrolia holds direct and\nindirect interest in 70% of the exploration permits issued for the Gaspe\nPeninsula. Petrolia is the operator for exploration on its own hydrocarbon\npermits and wants to intensify the exploration for the next year. Petrolia is\nlisted on the TSX Venture Exchange under the symbol PEA-TSXV. The company has\nworking capital of $2.0 million and has 26,788,020 shares issued and\noutstanding. Petrolia's objective is to maintain its position as the leading\noil and gas explorer in the Gaspe Peninsula. Petrolia own 8% of the shares of\nGastem (GMR: TSXV).\n\nThe TSX Venture Exchang...