Delvina (Current) (gas and condensate)
There are four existing wells, with a depth of 2800-3500m. The Company optimized production by surface equipment control. Over the past 13 months, the Company produced about 117 mcf of gas, of which 53 mcf was attributed to Stream; and 7,027 bbls of condensate, 2,204 bbls of which were attributed to Stream. Production is currently limited by the limited gas market.
The average daily production from two of the wells, when the refinery operates, is currently about 22,000 cubic metres gas per day and 22 bopd condensate. Of this production, 6,000 cubic meters of gas per day and 8 bopd of condensate are attributable to Stream as of February 28, 2009.
The Company is pleased to announce that the initial interpretable results of the 3D Passive Seismic study prove the size of the existing reservoir structure on the Delvina gas field and show a potential upside target. The results, once finalized, will be used to update the reserve estimates of the gas field and also define locations for Development and Exploration drilling.
The Company plans to rework all existing wells and is in the process of hiring an appropriate drilling rig. PVT analysis is under way in order to understand the phase characteristics of the gas. Current exploration and development activity includes passive seismic and 2D seismic for mapping and estimating upside potential. Gas tests to understand phase behavior are ongoing.
The Company’s long- term goals are to develop the field by drilling extra production wells for gas power generation and to upgrade the condensate production and storage. The Company is evaluating various options including the development of the field by drilling extra production wells for gas power generation and upgrading condensate production and storage.
The Delvina Field produces gas and 62.5o API condensate from fractured carbonates of Cretaceous-Paleocene age. The field is considered a structural trap. It has an effective inter-well spacing of approximately 1.6 kilometers (1 mile), translating to approximately 256 ha/well (640 acres/well).