SHG sunshine gas limited

fracture draws gas from overston-1 - ern.net

  1. SCD
    3,438 Posts.
    THE FOLLOWING REPORT IS TAKEN TODAY FROM ENERGYREVIEW.NET

    Fracture draws gas from Overston-1

    Tuesday, September 16, 2003

    Fracture stimulation has turned around the fortunes of the Overston-1 well after testing was completed over the weekend with nitrogen mini-fracture of the Tinowon Sandstone reservoir.

    The Tinowon reservoir was damaged by the original drilling process and the fracture stimulation was designed to provide additional information on reservoir characteristics.

    During the test the well flowed gas at around 250,000 cubic feet per day along with condensate. No water was produced during the test.

    The well has now been suspended pending additional fracture stimulation and potential completion as a gas producer at a later date.

    The operator will now proceed as planned with the acquisition of a 3D seismic survey over the field followed by the drilling of the Overston-2 well. The seismic survey is scheduled to begin this month and will further define the Overston structure to allow optimal well placement.

    Overston-2 will also fully evaluate the Showgrounds Sandstone, which was not tested in Overston-1.


    ***THE IMPORTANT THING HERE WHICH IS GETTING OVERLOOKED BY SOME TRADERS / INVESTORS ALIKE IS THAT THE FLOW RATE WILL SURELY BE SUBSTANTIALLY INCREASED OVER THAT CURRENTLY REPORTED (DUE TO RESEVOIR DAMAGE DURING ORIGINAL DRILLING), AND IN MY OPINION THIS STOCK WILL BE TRADING SUBSTANTIALLY HIGHER ****

    I BELIEVE SOME TOOK THIS REPORT NEGATIVELY HOWEVER, I SEE A VERY ENCOURAGING OUTLOOK FOR THIS COMPANY.

    YES I DO HOLD THIS STOCK...AND I BIASED? YES WITH GOOD CAUSE. DON'T RELY ON MY GUIDANCE, DO YOUR OWN THOROUGH RESEARCH AND MAKE UP YOUR OWN MIND.

 
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