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Fortune pleased with progress at Liulin CBM business
Thursday, 14th June 2012
Fortune Oil has revealed material progress on its Liulin coal bed methane business.Total field production from the Fortune Liulin Gas horizontal wells now exceeds 14,000 cubic metres per day with the most successful well to-date (H3) now producing over 7,000 cubic metres per day, a rate which exceeds all previous wells drilled by FLG.
These flow rates have been achieved with a bottom hole pressure of 2 megapascals (MPa) and gas flow rates are predicted to increase as the BHP is reduced further to a target of around 0.2 MPa.
In 2012 FLG has drilled two more horizontal wells and these will be dewatered and put in to production testing.
All of these wells in aggregate are expected to provide sufficient production volumes to meet the requirements of the existing gas sales agreement (of 100,000 cubic metres per day.
Pricing under this GSA, is RMB1.58 per cubic metre which equates to gross sales revenues of RMB52.1m (£5.01m) per annum (£2.50m net to FLG).
Chief executive Tee Kiam Poon said: "We are extremely pleased with the progress we have made in 2011 and 2012 at Liulin and are starting to see commercial gas flow from our horizontal wells.
"Our partnership with Dart Energy brings leading design and technical supervision to ensure the successful drilling of FLG's wells in Liulin.
"Our focus is to accelerate the development of Liulin to position the company as a significant developer of unconventional gas, in line with China's resource strategy, and pave the way for commercial gas sales and revenue generation for the company."
At 9:51am: (LON:FTO) Fortune Oil share price was +0.24p at 8.59p
Story provided by StockMarketWire.com
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