Business
Peeler #1 - Increased Product
Peeler #1 - Increased Product.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n RNS Number : 9348W Global Petroleum Ltd 05 August 2009 \n \n\n5 August 2009\nRNS AIM release\nPEELER #1 - INCREASED PRODUCTION\nTexon Petroleum Ltd (ASX: TXN) has advised that that a refracture stimulation (a procedure which targets enhancing oil and gas production by increasing the number of fractures in the reservoir near the borehole) of the Olmos reservoir in the first Leighton well (Peeler #1) has resulted in over a 250% increase in production.\n\nPrior to the refracture stimulation procedure, Peeler #1 had declined from an average rate of 200 boepd in its first month of production (November 2008) to 40 boepd in July 2009, whereas for the first four (4) days after the refracture procedure, the well has averaged 150 boepd. It is likely that a refracture procedure like this will be applied to future Leighton production wells to boost production after the initial production decline of the well.\n\nCost of the fracture stimulation was approximately US$130,000 (Global share US$19,500).\n\nGlobal has a 11.25% beneficial interest in the production from Peeler #1. \n\nGlossary:\n\nboepd: barrels of oil equivalent per day\n\n\nEnquiries:\n\n\n\n\n\nGlobal Petroleum Limited\n\n\n\n\n\n\n\n\n\n\nShane Cranswick\n\n\nTel\n\n\n+ 61 8 9322 6322\n\n\n\n\n\n\n\nEmail\n\n\[email protected]\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAstair Securities Plc (Nominated Adviser and Broker)\n\n\n\n\n\n\n\n\n\n\nWilliam Vandyk\n\n\nTel\n\n\n+44 20 7448 4400\n\n\n\n\n\n\n\n\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCCKPKPBBKDKFK \n ","length":4985,"tagName":"div"}]