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Petrolifera updates developments at 1016 well
Petrolifera updates developments at 1016 well.
About this update from Medexus Pharmaceuticals Inc.
[{"type":"text","content":"\n\n\n\nCALGARY, March 26 /CNW/ - Petrolifera Petroleum Limited (PDP-TSX)\nannounces that subsequent to the issuance of its press release earlier today\nwith respect to its RN.PM a-1016 well, wherein it was announced the well was\nflowing at a calculated rate of 460 bbl/d of light gravity crude oil, the well\nstopped flowing. This occurred during continued testing of the well using\nvarious choke sizes.\n\n\nTesting procedures are continuing, and based on this development it now\nappears the well may need some form of artificial lift or pump, although no\nconclusion has yet been arrived at in this regard. The change which occurred\nmay be due to a relatively high gas/oil ratio encountered in the well, along\nwith some element of pressure depletion due to production from offset wells\nand general reservoir quality at this location.\n\n\nWhile subject to the normal risks of predicting how any new well will\nperform, Petrolifera believes the well, on pump, will be a commercial producer\nand it may produce at or towards the levels recorded when the well was\nflowing, but further testing will now be required to confirm this estimate.\n\n\nIt should be noted that the indicated flow rate represents approximately\nfour percent of Petrolifera's current average daily production rate, which\nwill fluctuate over the next several days as field pressure testing of other\nindividual Puesto Morales wells is undertaken as a normal course procedure.\n\n\nForward Looking Statements\n\n\nThis press release contains forward-looking statements, including but not\nlimited to expectations with respect to production rates, flow rates and\nproductive capacity of the RN.PM a-1016 well and continued testing activities\nrelated thereto. These statements are based on current expectations that\ninvolve a number of risks and uncertainties, which could cause actual results\nto differ from those anticipated. These risks include, but are not limited to,\nrisks associated with the oil and gas industry (e.g. operational risks in\ndevelopment, exploration and production; delays or changes in plans with\nrespect to exploration or development projects or capital expenditures; the\nuncertainty of reserve estimates and recoverability thereof; the uncertainty\nof estimates and projections in relation to production, costs and expenses and\nhealth, safety and environmental...