Pennant Energy Announces Plans to Spud First Horizontal Well at Its Mantario Oil Project
11 Fevereiro 2014 - 11:00AM
Marketwired
Pennant Energy Announces Plans to Spud First Horizontal Well at Its
Mantario Oil Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 11, 2014) -
Pennant Energy Inc. ("Pennant" or the "Company") (TSX-VENTURE:PEN)
is pleased to announce that its partner, Blackbird Energy Inc.
("Blackbird"), plans to spud the first horizontal well on the
Mantario Oil Project in the second quarter of 2014, subject to
weather and rig availability. The well will be spudded from a
surface location at 16-1-26-25W3 with a horizontal lateral length
of 800 meters. The trajectory of the horizontal well has been
established using proprietary high resolution 3D seismic and
existing well control. Pennant holds a 30% operated working
interest in the project.
This planned horizontal well is the follow-up to the successful
A15-6-26-24W3 discovery well that encountered a 20 meter pay
section and is still producing in excess of 20 bbls/d with minimal
water.
Pennant and Blackbird are close to completing a detailed
exploitation study for the Mantario Oil Project which would
encompass approximately 15 Hz locations with 80 acre spacing.
Downspacing to 40 acres would allow for an additional 15 Hz
locations. In addition to downspacing, the companies are evaluating
secondary recovery methods to improve the overall recovery factors
for the pool.
The costs of the horizontal well at the Mantario Oil Project are
expected to be less than $1,000,000 including drilling, completion,
equipping and installation of surface facilities, and would qualify
for the exceptional 2.5% royalty incentive currently received in
Saskatchewan for drilling a horizontal well. Pennant estimates that
its portion the costs will be approximately $250,000 and is
considering alternatives for funding such costs.
About Pennant
Energy
The Mantario Project is comprised of a total of 1,440 acres (net
432 acres) in West Central Saskatchewan. Multiple oil drilling
locations have been identified based on the 3D technical review.
Pennant holds a 30% non-operated working interest in the
project.
Pennant's Bigstone Project is comprised of lands and licenses
covering a total of 5,120 acres (net 1,120 acres), in Township 60,
ranges 22 and 23W5 at Bigstone, Alberta. By completing the terms of
a farm in agreement with Donnybrook Energy Inc., Pennant earned 25
per cent of Donnybrook's interest in the Bigstone lands and in any
future operations within an area of mutual interest.
On behalf of the board of
PENNANT ENERGY INC.
Garth Braun, Chief Executive Officer and Director
Disclaimer for Forward-Looking Information
This news release contains forward-looking statements that
involve various risks and uncertainties regarding future events
relating to the proposed spudding of the first horizontal well at
the Company's Mantario Project including, but not limited to, the
projected cost thereof and eligibility for any royalty incentive.
Such statements are subject to risks and uncertainties that may
cause actual results, performance or developments to differ
materially from those contained in the statements and are not
guarantees of future performance of the Company. Although Pennant
believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements. No
assurance can be given that any of the events anticipated by the
forward-looking statements will occur or, if they do occur, what
benefits the Company will obtain from them. These forward-looking
statements reflect management's current views and are based on
certain expectations, estimates and assumptions which may prove to
be incorrect. A number of risks and uncertainties could cause our
actual results to differ materially from those expressed or implied
by the forward-looking statements, including: (1) a downturn in
general economic conditions in North America and internationally,
(2) the inherent uncertainties and speculative nature associated
with oil and gas exploration and production, (3) a decreased demand
for natural gas, (4) any number of events or causes which may delay
or cease exploration and development of the Company's property
interests, such as environmental liabilities, weather, mechanical
failures, safety concerns and labour problems, (5) the risk that
the Company does not execute its business plan, (6) inability to
retain key employees, (7) inability to finance operations and
growth, and (8) other factors beyond the Company's control. These
forward-looking statements are made as of the date of this news
release and, accordingly, are subject to change after such date.
Except as required by law, the Company assumes no obligation to
update these forward-looking statements or to update the reasons
why actual results differed from those projected in the
forward-looking statements
THE TSX-VENTURE EXCHANGE INC. HAS NEITHER APPROVED NOR
DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. NEITHER
THE TSX-VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN THE POLICIES OF THE TSX-VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
Doren Quinton(250)
377-1182info@qiscapital.comwww.qiscapital.com
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