Acer Energy targets production upside with Flax oil field workover


(MENAFN- ProactiveInvestors - Australia) Acer Energy (ASX: ACN) is hoping to breathe new life into its Flax oil field in the Cooper Basin by carrying out workovers that seek to further appraise the field and increase production. The company is using Savanna Energy Services Rig 66 to recomplete a well and carry out hydraulic fracture stimulation and production testing of the previously untested Patchawarra formation pay intervals and a previously fracture stimulated pay interval. This will determine the effectiveness of the larger modern designed hydraulic fracture stimulations in both the Patchawrra and the previously stimulated pay intervals and test the hydrocarbon composition and productivity of the Patchawarra. Acer will also install artificial lift in a selected well to test its impact on well productivity. The results of this workover will be a key factor in the well completion design for the new appraisal and exploration drilling campaign of between three to six wells that is scheduled to start in October 2012. This is targeted at appraising the potential large southern extension of the Flax field which has been mapped following interpretation of the new 3D seismic. The Flax oil field had produced 5,013 barrels of oil during the quarter ended 30 June 2012. It has being independently estimated to hold 15 million barrels of in-place oil and 34 billion cubic feet of in-place gas though this not include the mid-Patchawarra interval. Acer has a 10% interest in the PRL 14, which hosts the Flax oil field.


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