Curzon Energy PLC Commencement of Well Testing (5536D)
01 February 2018 - 6:00PM
UK Regulatory
TIDMCZN
RNS Number : 5536D
Curzon Energy PLC
01 February 2018
1 February 2018
Curzon Energy Plc
("Curzon Energy" or the "Company")
Commencement of Well Testing
Coos Bay Coalbed Methane Gas Field, Oregon, USA
Curzon Energy Plc, the 100% owner of the 45,000 acre Coos Bay
Coalbed Methane (CBM) Project, is pleased to announce that
following the recent completion of workover operations, well
testing operations on all five existing wells at Coos Bay have now
commenced.
Highlights
-- Testing started on the 29(th) of January 2018
-- Contract awarded to Wood Group USA, specialists in CBM well
operations, to assist with optimization of well testing and field
production design
-- All five existing wells (1-21, 9-21, 15-21, 13-15 and 16-16) in operation
-- Recording of gas and water production volumes underway
-- Wells showing signs of early gas production
-- Gas rates anticipated to increase steadily with reservoir water removal
Early results of the well testing at Coos Bay confirm that the
coals are fully saturated and do not require the intervention of a
long-term dewatering processes, which is evident from the early
indications of gas production.
In parallel with the start of the testing program, the Company
is advancing the installation of a water disposal system, a gas
sales contract and a trunk line connection for future gas sales.
The Phase One development plan for Coos Bay remains on track to
deliver first gas in Q2 2018.
Stephen Schoepfer, Managing Director of Curzon Energy said:
"We are delighted to have entered the testing phase of our Phase
One development plan at Coos Bay where results thus far fall in
line with our technical assumptions. We remain on track to deliver
first gas in Q2 2018 and I look forward to updating the market on
aggregate test results in due course."
An updated investor presentation can be viewed on the Curzon
website here:
http://www.curzonenergy.com/investor-relations/reports-and-presentation/2018
For further information please contact:
Curzon Energy PLC c/o Camarco
Stephen Schoepfer / Thomas Wagenhofer +44 20 3757 4980
www.curzonenergy.com
SP Angel Corporate Finance LLP +44 20 3470 0470
Richard Hail / Richard Redmayne
Camarco (Financial PR) +44 20 3757 4980
Georgia Edmonds / Owen Roberts
/ Monique Perks
Notes to Editors:
Curzon Energy Plc, is the 100% owner of the 45,000 acre Coos Bay
Coalbed Methane (CBM) Project, located in Oregon USA. Coos Bay has
2C contingent gas resources of 273.5 BCF.
The Company is implementing a cost effective staged development
plan, targeting first gas and cash generation from Phase I in Q2
2018. The Phase I work programme consists of the low-cost workover
of five existing, and drilling of two new wells.
The Company is led by an experienced Board and senior management
team who have extensive industry and financial experience. Curzon
Energy is listed on the LSE Main Market under the ticker CZN.
About Coalbed Methane (CBM):
Coalbed methane gas (CBM) (or coal seam gas (CSG) or coal-mine
methane (CMM)), is a form of natural gas extracted from coal seams
or coal deposits. CBM is generated during the process of
coalification which is the transformation of plant material into
coal and is contained in the coal microstructure. Typical CBM
recovery entails initially pumping water out of the coal to allow
the natural gas to escape. Methane is the principal component of
the natural gas from CBM production, which is typically made up of
95 per cent methane and normally does not contain hydrogen sulphide
or other sulphur compounds. Natural gas produced from CBM can
normally be added to natural gas pipelines without any special
treatment.
The United States has the longest history and greatest volumes
of CBM production, however, other
countries such as Canada, China and Australia have increased
production over recent decades.
Competent Person's Statement
The information contained in this announcement has been reviewed
and approved by Thomas Wagenhofer, Technical Director of Curzon,
who is a petroleum engineer and oil and gas executive with over 20
years' international industry experience. Mr. Wagenhofer holds a MS
degree in Petroleum Engineering from the University of Texas at
Austin (1995) and a BS degree in Petroleum Engineering from the
University of Alaska Fairbanks (1994). He is a registered
Professional Engineer with the Texas Board of Professional
Engineers (current status inactive) in the State of Texas, USA.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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