Path Investments plc Update on Well A-EZ Z4 (2) (3286F)
20 February 2018 - 6:00PM
UK Regulatory
TIDMPATH
RNS Number : 3286F
Path Investments plc
20 February 2018
20 February 2018
Path Investments plc
("Path" or the "Company")
Update on Well A-EZ Z4 (2); Alfeld-Elze II Gas Field
Path Investments plc (TIDM: PATH) is pleased to announce that,
further to the update announced on 7 February 2018 in relation to
the Company's conditional acquisition of a 50% participating
interest in an onshore producing conventional gas field, the
Alfeld-Elze II Licence and Gas Field in Germany, well A-EZ Z4 (2),
the second gas production well on the Alfeld-Elze II Licence and
Gas Field, has been successfully drilled and completed.
Well A-EZ Z4 (2) has been drilled to a total depth of 1,491
metres (bsl) , some 11 metres into the Carboniferous. The well
encountered a gross 258 metre interval of Permian Rotliegendes
reservoir. No gas water contact was encountered in the well and the
preliminary wireline log interpretation undertaken by the Operator,
5P Energy GmbH ("5P Energy"), indicates good correlation with the
original gas producing A-EZ Z4 well drilled in the 1970s during the
original development of the gas field. As anticipated under the
current field development plan, the results suggest gas recharging
of the reservoir since abandonment of the field in 1995. The
drilling rig has been released, a wellhead and tree installed and
the well has been perforated and suspended awaiting the
installation of surface gas treatment facilities. Subject to final
approvals and commissioning of the well, gas production is
anticipated to commence around mid-2018.
The Alfeld-Elze II onshore gas field was brought back into
production in 2015 by 5P Energy through the workover and re-entry
of an existing well, H-WD Z2, and the installation of processing
facilities at the well-site. Since 2015, this vertical well has
produced in excess of 2.6 Bcf gas at a choked rate of c 3.0
MMscfpd. A-EZ Z4 (2) is located less than 1 km away from H-WD Z2
and is expected to produce at the same rate.
As previously announced, the Company intends to undertake a fund
raising and to seek admission of the Company's ordinary shares to
trading on the AIM Market of the London Stock Exchange plc ("AIM")
during Q1 2018, in conjunction with the completion of the
acquisition of a 50% non-operating participating interest in the
Alfeld-Elze II Licence and Gas-Field from 5P Energy.
Further announcements will be made, as appropriate, in due
course.
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
For further information please contact:
Path Investments plc
Christopher Theis
Andy Yeo 020 3934 6632
Shard Capital (Broker and Financial Adviser)
Simon Leathers
Damon Heath 020 7186 9900
IFC Advisory (Financial PR & IR)
Tim Metcalfe
Miles Nolan
Heather Armstrong 020 3934 6630
The information contained in this announcement has been reviewed
and approved by Tom Mackay, a consultant petroleum engineer to Path
and member of the Advisory Committee. He has 36 years' experience
as a petroleum engineer and is a member of the Society of Petroleum
Engineers ("SPE"). He has read and approved the technical
disclosure in this regulatory announcement.
The technical disclosures in this announcement comply with SPE
standards.
Bcf means billion standard cubic feet of natural gas; MMscfpd
means million standard cubic feet per day
This information is provided by RNS
The company news service from the London Stock Exchange
END
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