Development program will drill 6 new wells to a depth of 2,900′ to offset 4 currently producing wells over 1 year. The 6 new wells will yield an additional production of 546,000 BO: 276,000 BO recoverable from 2 Hunton completions and 270,000 BO from 4 Viola completions. Based on the log performance from the producing wells, an initial production of 50 to 125 BOPD is expected.
The proposed 6 wells are placed within the Hunton & Viola where a combination of exploration sciences indicates the areas of largest volume of recoverable resource and lowest drilling and completion risk, as indicated by the following combined analysis: Surface Geochemistry survey using Iodine indicates presence of microseepage; 2D Seismic shot over 10 miles shows complex series of wrench faulted structural closures; and Hydrocarbon Modulated Pulse Analysis that uses electromagnetics to find where oil columns are the thickest. The field has already produced 227,000 BO from 4 wells.
RFP is offering for sale 50% Working Interest with a 50% back-in after payout on an 75% Net Revenue Interest for the entire project amount. The 50% of total project cost is due at the time of signing the Purchase and Sales Agreement, the remainder paid in (2) 25% installments at agreed upon times.
Development program will drill 6 new wells to a depth of 2,900′ to offset 4 currently producing wells over 1 year. The 6 new wells will yield an additional production of 546,000 BO: 276,000 BO recoverable from 2 Hunton completions and 270,000 BO from 4 Viola completions. Based on the log performance from the producing wells, an initial production of 50 to 125 BOPD is expected.
The proposed 6 wells are placed within the Hunton & Viola where a combination of exploration sciences indicates the areas of largest volume of recoverable resource and lowest drilling and completion risk, as indicated by the following combined analysis: Surface Geochemistry survey using Iodine indicates presence of microseepage; 2D Seismic shot over 10 miles shows complex series of wrench faulted structural closures; and Hydrocarbon Modulated Pulse Analysis that uses electromagnetics to find where oil columns are the thickest. The field has already produced 227,000 BO from 4 wells.
RFP is offering for sale 50% Working Interest with a 50% back-in after payout on an 75% Net Revenue Interest for the entire project amount. The 50% of total project cost is due at the time of signing the Purchase and Sales Agreement, the remainder paid in (2) 25% installments at agreed upon times.