Molopo Energy announces preliminary well results from 54-1H
Friday, Dec 21, 2012Molopo Energy Limited (ASX:MPO) today announces preliminary results from our Baggett 54-1H well, the first Bench B well drilled in our Fiesta acreage, as well as our expected 2012 exit production rate.
The well has been on gas lift for 34 days, producing for a total of 800 hours. Through this period, the well has performed consistently with other wells drilled in the Fiesta area, and these results will contribute to Molopo's ongoing development strategy in Fiesta. Since flow back of the well commenced, the peak 24 hour hydrocarbon wellhead rate thus far is 431 boe/d, comprising approximately 87 bbl/d of crude oil, 175 bbl/d of NGLs and 1,015 mcf/d of natural gas. In general, the wells are tending to produce a higher proportion of natural gas and lower initial production rates but appear to exhibit a flatter decline curve than originally anticipated. Understanding each of these characteristics and the impact on our economics is key as we develop our 2013 capital and operating budget.
Although the well results from 54-1H are preliminary, the information obtained from this and the two other wells drilled in Fiesta in the latter half of calendar year 2012 provides valid well performance from both Bench A and Bench B. Having actual data from wells drilled on our acreage supplements data available from other operators' Wolfcamp wells, and enables Molopo to proceed with finalizing our budget.
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