25th Mar 2015 11:11
LONDON (Alliance News) - Green Dragon Gas Ltd Wednesday said a well completed in China back in 2008 has completed seven continuous years of gas production with no decline in production rates thanks to a drilling method created by Greka Drilling Ltd.
Green Dragon said the GSS 008 well, which was drilled in March 2008 on the Shizhuang South production block in Shanxi province, China, has produced a total of 1.05 billion cubic feet of gas in the seven years it has been producing with no decline in production rates.
Green Dragon said the well was the first LiFaBriC well to be completed at any of its operations. LiFaBriC is an adaptation of horizontal drilling methods traditionally used for drilling in coal seam reservoirs which is designed to provide a precise and high quality well completion technique, a service being offered by Greka Drilling.
"I am very pleased with the sustained performance of our first LiFaBriC completion, which has now entered its eighth year of uninterrupted production. Since 2008, GSS008, and many other wells like it, have more than proved the benefits of the technology, delivering stable, continuous production with a significant return on investment," said Chairman and Founder Randeep Grewal.
Green Dragon shares were up 4.3% to 349.55 pence per share on Wednesday morning, whilst Greka shares were up 0.1% to 9.43 pence.
By Joshua Warner; [email protected]; @JoshAlliance
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