Advantagewon reactivates two wells for oil production
Advantagewon has reactivated two wells on an existing oil lease.
The two wells which were reactivated have shown combined initial flow rates of 10 barrels of oil per day. The Corporation anticipates that this rate will stabilise and will continue between 6 bopd and 10 bopd. At the current price of approximately $57 per barrel, having these two wells on productions with a flow rate of 6 bopd will add approximately $125,000 of gross revenue per year. The reactivation work on these two wells was completed at a cost of under $10,000.
Work continues work to install power, and production equipment, onto the first well of the Corporation’s 2019 drilling program well so the Corporation can commence commercial production on this first well. This first well was announced, via a press release, as drilled on April 3rd, 2019 and production test results flow rates were announced between 12 to 15 bopd on June 12th, 2019. The Corporation is considering other possible drilling locations on this and adjacent leases, as identified when the Corporation commenced and completed its Deeper Oil Zones testing back in Q4 of 2018.
The Corporation is now looking into plugging the Poth A sand zone in the Second Radial Jet Drilling well to produce the well from only the Poth B zone as the well is producing large volumes of water, believed to be primarily coming from the depleted Poth A sand zone as previously mentioned in the Corporations June 12th, 2019 press release. Once plugged the Corporation believes that the production potential of this well will be between 8 and 15 bopd. The Corporation is working to have this operation completed by mid-August.