Curzon Energy PLC First Five Well Workover and Clean-Out Update (4087B)
January 10 2018 - 1:00AM
UK Regulatory
TIDMCZN
RNS Number : 4087B
Curzon Energy PLC
10 January 2018
10 January 2018
Curzon Energy Plc
("Curzon Energy" or the "Company")
First Five Well Workover and Clean-Out Operations Update
Coos Bay Coalbed Methane Field, Oregon, USA
Curzon Energy Plc, the 100% owner of the 45,000 acre Coos Bay
Coalbed Methane (CBM) Project, is pleased to announce that workover
and clean-out operations have been completed on all five existing
wells, which form part of the Phase I development plan, located in
the north-west area of the Coos Bay licence acreage.
Highlights
-- Workover and clean-out operations have been completed on all
five existing wells (1-21, 9-21, 15-21, 13-15 and 16-16).
-- Outcomes so far from the workover operations completely
correlate with the technical analysis conducted by Curzon in
advance of this five well workover programme.
-- Workover operations have removed sand and coal fines in each of the five wellbores.
-- Removal of approximately 120 ft of old pump rods and 180 ft
of old tubing from the bottom of well 13-15 during a fishing
operation.
-- Upgrading of existing surface infrastructure and testing equipment completed.
-- Extensive well testing to commence shortly.
-- Remain on track to deliver first gas in Q2 2018.
Following evaluation of this work programme, the Company
believes that well bore obstructions due to the presence of sand,
coal and debris, may have created flow restrictions, in particular
from deeper pay completions, resulting in historic test rates below
the actual potential of these wells.
In parallel with the workover operations, the Company has
upgraded existing surface infrastructure and testing equipment in
advance of an extensive testing programme that will commence
shortly in order to determine commercial viability of the CBM
Project and optimise a field-wide development plan as part of a
larger Phase II commercialisation.
Stephen Schoepfer, Managing Director of Curzon Energy said:
"We are delighted that operations continue to advance rapidly on
our Phase I development plan at Coos Bay where results thus far
fall in line with our technical assumptions and we remain on track
to deliver first gas in Q2 2018. Curzon is now entering into a busy
period of testing of our first five wells and I look forward to
updating the market in due course."
For further information please contact:
Curzon Energy PLC c/o Camarco
Stephen Schoepfer / Thomas Wagenhofer +44 20 3757 4980
www.curzonenergy.com
SP Angel Corporate Finance LLP +44 20 3470 0470
Richard Hail
Camarco (Financial PR) +44 20 3757 4980
Georgia Edmonds / Kimberley Taylor
/ Monique Perks
Notes to Editors:
Curzon Energy Plc, is the 100% owner of the 45,000 acre Coos Bay
Coalbed Methane (CBM) Project, located in Oregon USA. Coos Bay has
2C contingent gas resources of 273.5 BCF.
The Company is implementing a cost effective staged development
plan, targeting first gas and cash generation from Phase I in Q2
2018. The Phase I work programme consists of the low-cost workover
of five existing, and drilling of two new wells.
The Company is led by an experienced Board and senior management
team who have extensive industry and financial experience. Curzon
Energy is listed on the LSE Main Market under the ticker CZN.
About Coalbed Methane (CBM):
Coalbed methane gas (CBM) (or coal seam gas (CSG) or coal-mine
methane (CMM)), is a form of natural gas extracted from coal seams
or coal deposits. CBM is generated during the process of
coalification which is the transformation of plant material into
coal and is contained in the coal microstructure. Typical CBM
recovery entails initially pumping water out of the coal to allow
the natural gas to escape. Methane is the principal component of
the natural gas from CBM production, which is typically made up of
95 per cent methane and normally does not contain hydrogen sulphide
or other sulphur compounds. Natural gas produced from CBM can
normally be added to natural gas pipelines without any special
treatment.
Competent Person's Statement
The information contained in this announcement has been reviewed
and approved by Thomas Wagenhofer, Technical Director of Curzon,
who is a petroleum engineer and oil and gas executive with over 20
years' international industry experience. Mr. Wagenhofer holds a MS
degree in Petroleum Engineering from the University of Texas at
Austin (1995) and a BS degree in Petroleum Engineering from the
University of Alaska Fairbanks (1994). He is a registered
Professional Engineer with the Texas Board of Professional
Engineers (current status inactive) in the State of Texas, USA.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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