Prospex Energy plc anticipates of flow testing and revenue in early December from the Viura-1B development well in northern Spain.
PAYBACK
Drilled by partner Heyco Energy Iberia SL (HEI), the well reached its revised targeted total depth of 4,500 metres in October in the 6-inch hole section of the bottom 450m of the well.
The operator deepened the well by 450 metres to appraise and confirm gas in the undrilled Utrillas-B formation.
Viura-1B is currently connecting to existing gas processing facilities on site to prepare for flow testing before long-term production.
Prospex owns 7.2365% of the Viura field through its ownership of 7.5% of HEI, and will receive receive 14.473% of the production income from the field until payback of its initial investment.
“The Viura-1B development well has been successful and we await confirmation of the anticipated flow rates from the substantial reservoir sections encountered in the main reservoir target of the so-called Utrillas-A formation,” said chief executive Mark Routh.
“Analysis is ongoing to fully assess the implications of the well results to the recoverable reserves from the Viura field, the flow test numbers will enable confirmation that the project has met and hopefully exceeded its pre-drill objectives.”