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PentaNova Continues to Grow Production by Applying Technology to Producing Wells; Completes Significant Acquisition in Argentina
PentaNova Continues to Grow Production by Applying Technology to Producing Wells; Complete...
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[{"type":"text","content":"\n\n\n\nPentaNova Continues to Grow Production by Applying Technology to Producing Wells; Completes Significant Acquisition in Argentina\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Jan. 3, 2018\n\n\n\nEnd of December Production 776 boed\n\n\n\nVANCOUVER, Jan. 3, 2018 /CNW/ - PentaNova Energy Corp. (the \"Company\") (TSXV: PNO) continues to grow its production base in Argentina by applying proven technologies to increase daily production. The Company's working interest production as of the end of December was 776 boed.\n\nOperations in the Llancanelo block are continuing, with the workover completed in November 2017 on well LLN2012, where a downhole heater was installed. Production subsequently rose from 35 bopd on average to a current flow 125 bopd. This test has shown that well productivity can be increased substantially by improving the inflow into the well, and the data is being used to help optimize the well designs for the 2018 development drilling campaign in Llancanelo. \n\n\"PentaNova believes production can be dramatically improved through the implementation of proven technologies to our existing and planned wells,\" said Serafino Iacono, Chairman of PentaNova. \"The more than three-fold production increase of this single well from 35 bopd to 125 bopd strongly suggests to me that our development model can be scaled across the massive heavy oil resource in the Llancanelo block. Technology will be the key to unlocking the potential of the field and taking it from it's relatively small production today of around 1300 bod to being a world class producer.\"\n\n\"We are applying this strategy to raise production from all of our Argentine assets, primarily coming from the improvements in the Llancanelo block and through the addition of Sur Rio Deseado. As a result, PentaNova continues to develop cashflow as it advances its strategy to maximize development of producing wells, develop new wells and acquire new assets, to build the company into one of Latin America's newest energy producers.\"\n\nPentaNova...