Gunsynd (EVO)

 

LSE:EVO: Further Update on Horse Hill-1 Flow Test

Gunsynd

02 Mar 2016 07:00:07

Evocutis PLC

RNS Number : 7086Q
Evocutis PLC
02 March 2016
 

 

Evocutis plc

 

("Evocutis" or the "Company")

 

Further Update on Horse Hill-1 Flow Test

Second Zone Continues flowing Oil at a Rate of 838 Barrels Per Day

 

Following the announcement on 1 March 2016 Evocutis (AIM: EVO, ISDX: EVO) announces that Horse Hill Developments Limited ("HHDL") has informed the Company that the well resumed flowing 100% dry oil from the Upper Kimmeridge Limestone, through a one-inch choke, at an instantaneous rate of 1008 barrels per day ("bopd") and continued to flow for a further 7.5 hours from 2234hrs on 29 February at an average rate of 838 bopd. The well was shut in at 0600 01 March for a 12-hour pressure build up test.

 

As previously announced, on completion of this Upper Kimmeridge test, operations will move to the shallower Portland sandstone zone at approximately 615 metres below ground level.

 

Horse Hill-1 Discovery Well and Licence

The exploration drilling phase of the HH-1 discovery well was originally completed at the end of 2014. The well is located within onshore exploration Licence PEDL137, on the northern side of the Weald Basin near Gatwick Airport. Evocutis owns a 1.3% interest in PEDL137.

 

Interest in Horse Hill

Evocutis owns a 2% direct interest in HHDL. HHDL is a special purpose company that owns a 65% participating interest and operatorship of Licence PEDL137 and the adjacent Licence PEDL246 in the UK Weald Basin.

 

Qualified Person's Statement:

Stephen Sanderson, who has over 35 years of relevant experience in the oil industry, has approved the information contained in this announcement.  Mr Sanderson is a Fellow of the Geological Society of London and is an active member of the American Association of Petroleum Geologists.

 

 

For further information please contact:

Evocutis plc:                                                                                         +44 (0) 20 7440 0640

Hamish Harris

 

Nominated Adviser and Broker:                                                       +44 (0) 20 7148 7900

Cairn Financial Advisers LLP                                                           

James Caithie / Liam Murray

 

Glossary

 

choke

Device incorporating a fixed or variable orifice that is used to control fluid flow rate during testing of an exploratory discovery

degree API

A measure of the density of crude oil as defined by the American Petroleum Institute

discovery

a discovery is a petroleum accumulation for which one or several exploratory wells have established through testing, sampling and/or logging the existence of a significant quantity of potentially moveable hydrocarbons

extended flow test

a flow test, as per the permission granted by the Oil and Gas Authority, with an aggregate flow period duration over all zones of greater than 96 hours and up to 90 days maximum.

flow test

a flow test or well test involves testing a well by flowing hydrocarbons to surface, typically through a test separator. Key measured parameters are oil and gas flow rates, downhole pressure and surface pressure. The overall objective is to identify the well's capacity to produce hydrocarbons at a commercial flow rate

limestone

a sedimentary rock predominantly composed of calcite (a crystalline mineral form of calcium carbonate) of organic, chemical or detrital origin. Minor amounts of dolomite, chert and clay are common in limestones. Chalk is a form of fine-grained limestone

sandstone

a clastic sedimentary rock whose grains are predominantly sand-sized. The term is commonly used to imply consolidated sand or a rock made of predominantly quartz sand.

sweet oil or crude

A type of oil that contains less than 0.42% Sulphur

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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