The Company has successfully placed effective proppant concentrations in 9 stages in its Gapowo B-1 horizontal well and is on day 5 of a restricted rate flow back of the fracture stimulation fluid. The Company anticipates being able to provide an assessment of the initial production rate within the next three weeks, depending on the rate of recovery of the stimulation fluids.
The Company originally planned an initial fracture stimulation of up to 10 stages in the latter third of the lateral. This initial program was expanded to the entire lateral because the Company believed that not enough proppant was placed in this section to effectively stimulate it. The frac design was continually optimized in each stage and while proppant was placed in 14 stages the Company considers 9 of the stages to have been effectively stimulated.
Wolf Regener, President and Chief Executive Officer commented, “We are encouraged by the early flowback performance and pressures encountered. While it is too early to draw any conclusions, we look forward to the next few weeks where we will hopefully see gas producing from these Polish shales.”
The Company also announces that Saponis Investments Sp. z o.o has received approval of a concession amendment to the Slupsk concession that includes a four year extension of the concession and extends the deadline to drill the next well. The Company holds a 57.04% interest in Saponis.
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