LONDON (ShareCast) - (Sharecast News) - Serinus Energy announced the flow-test results of the Moftinu 1003 well on Monday, which it had previously announced was drilled to 1,600 metres.
The AIM-traded firm said the well had six total zones that appeared gas-bearing on logs - A1 sand; lower A2 sand; upper A2 sand; A2.1 sand; A2.2 sand; and the A3 sand.

It said the three deeper zones were completed, those being the A1 sand, lower A2 sand, and upper A2 sand.

The three shallower zones had gas pay on logs but were not completed, with the company leaving the door open for those zones to be exploited later in the life of the well.

After completing the perforation and well completion operations, the firm said it initiated a flow test whereby all three zones were tested commingled.

The well was flowed on a 20/64" choke for four hours, followed by a four hour build up, then flowed on a 32/64" choke for four hours followed by a four hour build up, then flowed on a 40/64" choke for four hours followed by a four hour build up, and then lastly flowed on a 36/64" choke for 15 hours.

Serinus said the well was now undergoing a five day build up.

On the largest choke size - 40/64@ - the well flowed at an average rate of 6.3 million standard cubic feet per day, with no progressive pressure decrease throughout the test.

During the final flow period of 15 hours on a reduced choke size of 36/64", the well flowed at 5.5 MMscfd with no progressive pressure decrease throughout the test.

The well reportedly produced no water from the sand formations at any point during testing.

Following the five-day pressure build-up, the well would be tied into the completed flowline connecting to the Moftinu gas plant.

"The company is thrilled with the excellent test results from the Moftinu 1003 well," said Serinus Energy chief executive officer Jeffrey Auld.

"The team was able to drill this well significantly ahead of schedule and under budget, discover three new gas bearing zones and test the well at very productive rates."

Auld said through the successes of Moftinu 1007 and Moftinu 1003, the company had demonstrated its ability to execute back-to-back successful wells while still being focused on costs and safety.

"The Moftinu 1003 well will provide significant additional production to the Moftinu gas plant."

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