Questerre Energy Corporation (”Questerre” or the “Company”) (TSX:QEC)(OSLO:QEC) reported today that its well at 15-01-62-06-W6M (”15-01″ or the “Well”) in the Kakwa-Resthaven area of west central Alberta is being prepared for testing.The Well was completed in the target interval of the Montney formation with a multi-stage water-based nitrogen foam fracture stimulation in the 1200m horizontal leg. During initial flow back, equipment failure resulted in an uncontrolled release of completion fluids and gas for approximately 48 hours. The Well was subsequently brought under control and workover operations commenced in mid-February to prepare the Well for further testing.
Heavy weight drilling fluids were circulated to maintain pressure control during operations to retrieve the damaged production casing and other downhole equipment. Production tubing will be run within the next two weeks. Subject to equipment availability and weather, the Company plans to test the Well shortly thereafter with results expected by mid-May. The Company also received a preliminary environmental impact report on the control of well incident. It estimates that the impacts to the lease and the surrounding area are minimal.
Michael Binnion, President and Chief Executive Officer, commented, “We are relieved that this incident was contained and restored with no lost time incidents and minimal environmental damage. We expect the well test will be impacted to some extent by the heavy weight fluids used to control the well pressures. We look forward to the well test data and we are very pleased to have preserved the well as a producer.”
Questerre has begun discussions with a midstream company to tie-in this well to an adjacent third party processing plant. Work will commence after spring break-up. The Company also confirmed that its insurers have accepted its claim for the costs associated with the control of well and subsequent operations under its control of well insurance coverage.
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