CALGARY, ALBERTA -- (Marketwire) -- 01/09/13 -- Mart Resources, Inc. (TSX VENTURE: MMT) ("Mart" or the "Company") and its co-venturers, Midwestern Oil and Gas Company Plc. (Operator of the Umusadege field) and SunTrust Oil Company Limited (together "the Co-venturers") are pleased to announce initial flow rate test results for the UMU-10 well and an update on Umusadege field production for the month of December 2012 and the first week of January 2013.
UMU-10 Well Test Results
As previously announced, the UMU-10 well encountered 479 feet of gross hydrocarbon pay in 20 sands. Six of these sands, XVIIa & XVIIb (commingled), XVIIIa, XIX, XXb, and XXI, are to be perforated, tested, and completed for production. Any two of these zones can be produced simultaneously using dual string sliding sleeve completion technology. The sands completed in UMU-10 are expected to access 161 feet of the total 479 feet of gross pay in the well. Five of the UMU-10 sands (XVIIa & XVIIb (comingled) is treated as one completion interval) have now been perforated and completed. The first extended flow rate test has been conducted on the XXI sand, the deepest of the sands to be tested, at a stabilized rate of 1,943 bopd during initial well clean up.
During the test of the XXI sand, the well flowed 55.3 API gravity oil through 3 1/2 inch tubing on a 28/64 inch choke at a flowing tubing pressure of 1260 psi. Basic sediment and water (BS&W) was 5% with a gas/oil ratio of approximately 588 standard cubic feet per barrel.
Four UMU-10 well tests remain, including the individual testing of the XXb, XIX, XVIIIa, and the co-mingled testing of the XVIIa & XVIIb sands. All sands will be initially tested on restricted choke settings during clean up, as has been done for the XXI sand. Once all completed sands have finished the clean-up operations, each will undergo a multirate flow test on various choke sizes, which may include choke sizes greater than those used for the clean-up operations.
Further updates will be provided on these remaining targeted sands once testing has been completed and results are available.
December 2012 Production Update
As previously reported, there was no production from the Umusadege field in November 2012 through December 20, 2012 due to a shutdown of the export pipeline that started on October 30, 2012. Nigerian Agip Oil Company ("AGIP"), the pipeline operator, has advised that repairs to the export pipeline were completed, and production from the Umusadege field and other fields in the area (collectively the "Cluster") began on a test basis early on December 21, 2012. Production and deliveries into the export pipeline from the Cluster increased to normal levels by the end of December 2012 and have averaged 11,800 bopd during the period from January 1, 2013 to January 8, 2013.
Total crude oil deliveries into the export pipeline from the Umusadege field for December 2012 were approximately 92,000 bbls before pipeline losses. Pipeline and export facility losses for November 2012 as reported by the pipeline operator were 0 bbls, as the pipeline was down for all of November 2012. December 2012 pipeline and export facilities losses have not yet been reported by the pipeline operator. Pipeline and export facility losses as reported by the pipeline operator from the beginning of the year to end of November 2012 are approximately 13.6% of total crude deliveries during this eleven month period.
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