2.500 Barrels of Oil Equivalent per day during first 30 days / Production rates above expectations
Heidelberg/Denver. Tekton Energy reported today that five new horizontal wells have initially produced an average of combined 2.500 Barrels of Oil Equivalent (BOE) per day during the first 30 days of production. The wells were drilled from Tekton´s Pavistma drill pad in September/October 2013. They are part of a co-operation with Anadarko Petroleum. Both partners own roughly half of the production.
Three of the five new wells tested the Niobrara formation. Results from the initial production is in accordance with Tekton’s type curve which suggests an Estimated Ultimate Recovery (EUR) of 325.000 BOE per well. Two of the wells were drilled in the Codell formation and produced significantly above the Codell type curve, as was the case with the two wells drilled from the Rancho pad in spring 2013. Drilling cost of the wells were once again below the budgeted figures.
Jerry Sommer, CEO of Tekton Energy, commented: “We are very pleased to see that Codell wells deliver very strong results and also that the Niobrara wells came in in line with expectations. We continue to confirm our science in the DJ Basin.”
Another five new wells, three drilled from the Frye Farms pad and two more wells with extended reach drilled from the Pavistma pad have completed the drilling phase. Final completion and facility construction is ongoing and production from all five wells will commence within the next few weeks.
Meanwhile, drilling activity continues with both rigs at two different drill pads. A total of eight additional horizontal wells are currently being drilled. Given the ongoing high level of activity and the consistently excellent well results, Deutsche Rohstoff intends to report about drilling results on a quarterly basis instead of a well by well basis through 2014.
Heidelberg, 15 January 2014
Deutsche Rohstoff (Heidelberg, Germany), listed in the Entry Standard segment of Frankfurt Stock Exchange, is establishing a new primary producer. The company’s focus is placed on oil & gas and so called high tech metals such as tin, tungsten, and rare earth metals. All projects are located in political stable countries with high environmental standards. The business concept is based on redeveloping deposits, which have been well explored in the past. For more information please visit www.rohstoff.de.
Deutsche Rohstoff AG
Tel. +49 6221 871 000