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Horse Hill-1 Flow Test
Horse Hill-1 Flow Test.
About this update from Corcel Plc
[{"type":"text","content":"\n \nRNS Number : 5503Q Regency Mines PLC 01 March 2016 \n\n1 March 2016\nREGENCY MINES PLC\n(\"Regency\" or the \"Company\")\nUpdate on Flow Test at Horse Hill\nHorse Hill-1 Oil Discovery Flows 900 barrels per day from second zone \n \nRegency Mines PLC (AIM:RGM) announces that Horse Hill Developments Limited (\"HHDL\") has informed the Company that 100% dry , 40-degree API, light, sweet oil has flowed naturally to surface at an average stabilised rate in excess of 900 barrels per day from an 88-foot aggregate perforated zone within the Upper Kimmeridge limestone interval at a depth of approximately 840 metres below ground level. \nRestricted flow of 100% dry oil, using a 1-inch choke, commenced at around 1345 hrs GMT yesterday at an initial instantaneous rate in excess of 700 barrels per day (\"bopd\"). At circa 1400 hrs the well started flowing naturally and the pump was stopped. Natural flow rose to over 900 bopd at 1415 hrs. Flow of dry oil then stabilised from 1415 to approximately 1830 hrs in excess of 900 bopd. \nNote that as a consequence of flow initialisation via rod pump,, the initial natural flow rates stated above were further restricted by the rods within the 2 and 7/8-inch production tubing. \nThe well was shut in at approximately 1830 hrs yesterday. The well was opened and free 'natural' oil flow recommenced at 2234 hrs yesterday. The well was flowed to obtain a further stabilised flow period and reservoir engineering data. A further update will be provided once this new data is available.\nWith this stable Upper Kimmeridge limestone flow, the two Upper Kimmeridge and Lower Kimmeridge limestone intervals have now produced a combined average stable rate of over 1,360 bopd.As previously announced, on completion of this Upper Kimmeridge test, operations will move to the shallower Portland sandstone zone at approximately 615 metres below ground level.\nAndrew Bell, Chairman, commented: \n\"The two Kimmeridge flow tests have not only shown that moveable oil exists within the Kimmeridge, but more importantly, that it can be extracted at high commercial rates from vertical wells without significant stimulation. \nThe Weald Basin of the UK must now undergo thorough re-evaluation for its commercial significance. \nThe HHDL consortium now intends, following the final flow test in the overlying...