Business
PetroTal Successfully Converts Water Disposal Well to Oil Producer with Uplift of 2,700 Barrels of Oil per Day
Calgary, Alberta and Houston, Texas--(Newsfile Corp. - August 21, 2019) - PetroTal Corp. (T...
About this update from Petrotal Corp.
[{"type":"text","content":"PetroTal Successfully Converts Water Disposal Well to Oil Producer with Uplift of 2,700 Barrels of Oil per DayCalgary, Alberta and Houston, Texas--(Newsfile Corp. - August 21, 2019) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (\"PetroTal\" or the \"Company\") is pleased to provide an update in respect of its operations and production at the Bretaña field in Block 95 (PetroTal: 100% Working Interest) in Peru.HIGHLIGHTSCompany has successfully completed the BN 95-2WD well (the \"2WD\") Following completion of the 2WD, the Company successfully converted the existing water disposal well (\"BN 95-1W\") into an oil producer, renamed the BN 95-1BN 95-1 initial production rate of 2,700 barrels of oil per day (\"BOPD\") exceeds management expectationsCurrent production approximates 5,500 BOPDTotal field production in August has averaged approximately 5,000 BOPD as expectedCompany spud the BN 95-4 well, a development oil well planned with a horizontal completion PetroTal has completed a new water disposal well, BN 95-2WD, and proved injection capacity, thus allowing the Company to recomplete BN 95-1W and make it an oil producer, BN 95-1. Management expected the BN 95-1 to deliver initial uplift of 1,500-2,000 BOPD. The initial production rate over the first seven days was 2,700 BOPD. Management plans to provide more information on the BN 95-1 well at the end of August. The Company has spud the BN 95-4 well, intended to be a horizontal completion into the Vivian formation. The BN 95-4 well is expected to take 60 days to drill and complete, with a 500-meter lateral completion scheduled.Total Bretaña field production is currently at 5,500 BOPD, with the BN 1XD still shut-in, allowing us to reach an August average production of 5,000 BOPD as expected. The central processing facilities to increase Bretaña's total oil field production, expected to be commissioned in December, should bring total field production up to 10,000 BOPD by year-end with the successful drilling and completion of two additional oil development wells, the BN 95-4 and BN 95-5.Manolo Zuniga, President and Chief Executive Officer, commented:\"Continued execution at Bretaña and stable production above 5,000 BOPD should give confidence to all stakeholders in our ability to unlock value. The water disposal injectivity test rate of approximately 40,000 barrels o...