Primorus Investments PLC Horse Hill Update (7930W)
03 Agosto 2018 - 5:30AM
UK Regulatory
TIDMPRIM
RNS Number : 7930W
Primorus Investments PLC
03 August 2018
Primorus PLC
("Primorus" or the "Company")
Completion of Portland High Rate Flow Test
Horse Hill-1 ("HH-1") oil discovery, Weald Basin, UK
Highlights:
-- Portland short-term high rate tests achieve stable implied
equivalent daily pumped rates of 401 and 414 barrels of oil per day
("bopd") of dry 36 API oil over two periods of 6 and 2 hours,
respectively. Maximum instantaneous half-hourly pumped rates of 441
and 470 bopd.
-- The maximum rate recorded was limited by the rod pump's
maximum rate capacity of approximately 470 bopd. Higher capacity
rod pump sourced and mobilised for use at HH-1.
-- Metered daily oil rates and recovered Portland volumes, to date, exceed 2016 test values.
-- Associated solution gas rates of around 41,000 cu ft per day.
-- Forward extended well test ("EWT") programme includes flow
optimisation necessary to determine the maximum sustainable
long-term flow rate and a lengthy stabilised flow period to test
whether the well accesses a commercially viable oil volume.
-- The primary EWT objective, to establish the commerciality of
the Kimmeridge Limestone 3 & 4 oil pools, will follow directly
after the completion of the Portland test sequence.
Primorus (London AIM: PRIM) announces that Horse Hill
Developments Ltd, the operator of the HH-1 Kimmeridge and Portland
oil discovery, located in licence PEDL137, in which Primorus holds
a 3.25% beneficial interest, has informed the Company that the
planned high rate Portland test sequence, designed to assess the
reservoir's maximum short-term flow capacity, has been successfully
completed. Stable implied daily pumped rates of 401 and 414 bopd of
dry 36 API oil were recorded over two periods of 6 and 2 hours,
respectively, with associated maximum half-hourly pumped rates of
441 and 470 bopd. Metered solution gas rates of around 41,000 cu ft
per day were recorded through the test separator over the two
maximum rate periods.
As maximum initial rates were restricted by the pump's capacity
of around 470 bopd, a larger capacity pump has been sourced and has
been mobilised to site for possible use during the remainder of the
Portland test sequence.
To date, the recorded implied daily oil rates and overall
produced Portland oil volumes exceed those reported from the
initial short-term test programme of March 2016. The "dry" Portland
oil exported from the HH-1 EWT to date is of Brent Crude quality
and exceeds minimum refinery specifications, containing only around
0.2% water content.
It should be noted that the above high rate results are not the
long-term sustainable flow rates that will be utilised to assess
the Portland's commercial viability as part of the next test
phase.
Forward EWT Plans
Following a planned further short restricted flow period and
pressure build up test, flow will be further optimised to determine
the well's sustainable long-term production rate and to test
whether the well can recover a commercially viable volume of
oil.
The primary EWT objective of testing the two underlying
Kimmeridge Limestone 3 & 4 oil pools, which in 2016 flowed 40
API crude naturally to surface at an aggregate implied stable dry
oil rate of 1,365 bopd, will commence directly after completion of
the Portland test.
Further updates will be provided as the EWT progresses.
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014.
The directors of Primorus accept responsibility for this
announcement.
For further information, please contact:
+44 (0) 20 7440
Primorus Investments plc: 0640
Alastair Clayton
+44 (0) 20 7213
Nominated Adviser: 0880
Cairn Financial Advisers LLP
James Caithie / Sandy Jamieson
+44 (0) 20 3621
Broker: 4120
Turner Pope Investments Limited
Andy Thacker
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END
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