oil and gas explorer Pulse Oil will move ahead with two new wells and the Bigoray well reactivation.
Canadian oil and gas explorer Pulse Oil (TSXV:PUL) has announced that it has received approval to move ahead with two Queenstown wells and regulatory transfers for key Bigoray well reactivations.
As quoted from the press release:
As previously announced on October 12, 2018, Pulse had sought regulatory approval to transfer one Bigoray well from the Orphan Well Association (OWA) and a further Bigoray well from an arms-length third party.
Pulse has now received regulatory approval to transfer and assume 100 percent operatorship of both wells, allowing Pulse to initiate reactivation operations forecast to increase Bigoray production shortly. With funding in place for our reactivation program and enhanced oil recovery (“EOR”) project at Bigoray, Pulse has added upgrades to the immediate infrastructure build at the front end of the reactivation program. This increased pipeline and infrastructure work planning is significantly more cost-effective and reduces future capital requirements within the EOR program, as well as immediately lower operating costs associated with Pulse’s existing production once completed.
At Queenstown, Pulse is preparing to drill two horizontal wells from a single surface location. The wells will be the first exploration wells drilled by the company since incorporation in 2017 and will target 3-D defined high-grade Mannville Glauc Lithic Channel deposits. Similar targets have recently been drilled in the same trend where Prairie Provident Resources, on September 10, 2018, has announced impressive drilling results. The two wells will be drilled back-to-back, followed by completion operations. Drilling operations are set to commence by early December and are forecast to take 4 to 6 weeks to drill and complete both wells.
Pulse president and COO, Drew Cadenhead, commented, “We’re excited that after successfully closing our recent financing we are fully funded to start the major EOR project work at Bigoray as well as spud our first ever wells at Queenstown. Our strong, debt-free balance sheet allows us to ramp up operations in both properties and take advantage of the strong oil prices we are enjoying from the light-medium grade crude oil we produce. We look forward to providing further updates related to both our Queenstown drilling operations and Bigoray reactivations and ongoing EOR implementation at this very exciting time for Pulse Oil and our shareholders!”