Zenith says Azerbaijan well has surprise potential
Source - SMW
Zenith Energy said it has witnessed a surprising increase in pressure at a well in Azerbaijan that could bode well for its production capacity.
The Z-21 well had previously produced disappointing flow rates but an unforeseen build-up in pressure caused a blowout after the failure of a flange on the wellhead. The company immediately sealed the well and replaced the broken flange. The well site has now been environmentally restored and re-tested.
"The company cannot forecast the potential post-workover oil production achievable from well Z-21 on the basis of the high pressure now recorded at this well, but the data strongly confirms that there is significant bottomhole pressure with large quantities of oil to be produced," Zenith said.
"Well tests will continue to take place until the ZJ-30 180 tonne workover rig, currently engaged in the workover of well Z-28, is scheduled to arrive in November 2017."
At 8:21am: (LON:ZEN) Zenith Energy Ltd share price was +1.38p at 11.5p