Artek Exploration Ltd. provides operations update
Tuesday, Dec 18, 2012Artek Exploration Ltd. (TSX:RTK) - Artek Exploration Ltd. ("Artek" or the "Company") is pleased to provide the following operational update.
At Inga, B.C. the Company has successfully drilled and completed its sixth and seventh horizontal wells of a seven 2012 horizontal well program (60% working interest) at A13-33-88-23W6, representing an extension to the southern end of its Doig natural gas and condensate trend, and at A13-3-88-23W6M. The results of the respective 114 and 87 hour well tests were consistent with average test results achieved by the Company at Inga to date as previously disclosed. Immediately following the test periods, the wells were producing from the Doig in-line at an average initial rate per well of approximately 4.5 mmcf/d of natural gas (3.8 mmcf/d sales) and 946 bbl/d of liquids, or a total gross average of 1,579 boe/d sales volumes per well based on field estimates over a 24 hour period. As a result of the two new wells coming on production, the Company is managing individual well production through its facility with some of its older wells temporarily restricted and therefore additional completion or workover activity that could result in additional volumes will be postponed until the new year. Consistent with investment in facilities in parallel with its drilling activity during 2012, Artek will continue to incrementally expand the capacity at its operated facility during the upcoming year as necessary.
At Leduc Woodbend in Alberta, the Company has brought on the 4 (1.6 net) wells from its September/October 2012 development program. Production volumes for the property were averaging between 650 to 690 boe/d (97% crude oil) over the last month, up from approximately 370 to 400 boe/d during the summer and ahead of management's initial expectations. Artek now operates the property and plans to drill additional wells in 2013 and increase water injection into the oil property which has been under waterflood since 2001.
Including the incremental volumes from the above noted operations, Artek averaged over 4,000 boe/d during the second week of December based on field estimates (with some wells currently restricted at its facility at Inga), achieving its previously announced 2012 exit production guidance of 4,000 boe/d. During early December the Company estimates it has averaged between 43% to 45% oil and NGLs of which approximately 87% to 90% is oil and condensate.
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