30th Jun 2014 12:41
LONDON (Alliance News) - Global Energy Development PLC said Monday that it expects further information by the end of July from hydraulic fracturing at its Catalina #1 Simiti formation in the northern section of the Magdalena Valley in Colombia, after a period of testing.
Hydraulic fracturing, often called 'fracking,' involves fracturing rock via a pressurised liquid to release oil or natural gas.
The company said it was pleased with favourable reservoir information confirmed during the first water flow-back stage of the project; and said it was still flowing back the extensive amount of water used in the hydraulic fracturing.
It is planning to install a hydraulic jet pump able to lift up to 3,000 barrels of liquid per day to remove the water from the formation in order to produce the available oil.
Shares in Global Energy were trading up 0.6% at 78.50 pence Monday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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