Business
Update on Well Interventions & Plant Optimisation
Update on Well Interventions & Plant Optimisation.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6497Q\n Prospex Energy PLC\n 29 October 2021\n \n \n \n Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas\n \n 29 October 2021\n \n Prospex Energy PLC\n \n Update on the El Romeral Well Interventions and Plant Optimisation\n \n Prospex Energy PLC, ('Prospex' or the 'Company') the AIM quoted investment company (AIM:PXEN) focused on European gas and power projects, provides an update on the El Romeral well intervention project in southern Spain, in which the Company holds a 49.9% working interest, through its interest in Tarba Energia.\n \n The investment in the surveillance in the El Romeral wells has delivered valuable data regarding the status of the wells and the reservoirs. It allows up-dating of the expectations regarding the geological model of the reservoir and the well performance of the facilitates and the decision-making process. Unfortunately the measurements in well Rio Corbones-1 demonstrated that the planned restoration of the gas production was not possible. After several slickline runs to remove the water from the tubing it quickly became clear that no gas was evident coming from the well, only further influx of water from the reservoir. Without the presence of gas there was no possibility of creating a foam to lift the water and so the well intervention programme was curtailed after having acquired downhole pressure and temperature data. The equipment was then transferred in turn to the three producing wells to complete the data acquisition programme acquiring downhole pressures, temperatures and flowrates for the calculation of remaining reserves and production optimisation.\n \n The gross budget for the well intervention work was €103,000, comprising €79,000 for the well intervention and €24,000 for data acquisition. The final expenditure for the overall programme is estimated to be less than €80,000, owing to the reduced scope of work.\n \n The planned plant optimisation programme has been delayed by equipment supply chain issues. The necessary equipment to automate plant operations to allow continuous operation of the generators is expected on site next week and the upgrades will then commence immediately. As stated in the announcement on 1 October 2021, the system optimisa...