Business
West Virginia Shallow-Oil Project
West Virginia Shallow-Oil Project.
About this update from Corcel Plc
[{"type":"text","content":"\n \nRNS Number : 4746S Regency Mines PLC 24 September 2014 \n \n\nREGENCY MINES PLC\n \n(\"Regency\" or the \"Company\")\nInvestment in US Onshore West Virginia Shallow-Oil Project\n \n24 September 2014 \n \nRegency Mines Plc, the natural resources exploration and investment company with interests in oil in the United Kingdom, and nickel and other minerals in Australia, Papua New Guinea and Sudan, is pleased to announce that a 100% owned subsidiary has signed an exploration and investment agreement to participate in an unincorporated joint venture with Carter Oil and Gas (as Project Manager) and others for Regency to obtain a 25% working interest in the West Virginia Shallow-Oil Project (\"WVSO\").\n \nHighlights of the WVSO:\n \n· Regency committed to participate in two-well pilot program Q4 2014 with the option to invest in an initial expansion program of 12+ wells in 2015\n· Builds on Regency's participation in Horse Hill UK onshore oil investment\n· Shallow oil targets with associated natural gas; up to 5 pay zones to evaluate \n· Plan targets 1860s to 1920s era oilfields using modern techniques, believed to have a majority of oil still in place; non-public information acquired on historic well locations\n· Several nearby wells historically produced upwards of 20,000 BBLs \n· Further expansion potential from additional fields and prospects \n \nProject Development Plan\n \nThe concept behind the WVSO project is to identify and develop wells using open hole notch fracking (\"OHNF\") from up to 85 shallow oil fields containing over 2,000 wells originally drilled in West Virginia between 1860 and 1920. Original work on these fields was done with cable tool rigs using what would now be considered antiquated completion methods including shock completion and spring pole techniques, with little or no ability for secondary recovery. As a result of historic work, the operator believes that a majority of the original oil remains in place to be recovered. New wells will be drilled 500ft away from the historic well sites, based on experience with similar projects in Pennsylvania. \n \nTo date, two prospects, called Border and...