18th Feb 2014 11:31
LONDON (Alliance News) - Northern Petroleum PLC Tuesday said it has been granted the licenses it needs to start its proof of concept programme for the potential redevelopment of the light oil reefs it has acquired on the Keg River in north-west Alberta, Canada.
The oil and gas exploration and development company said the redevelopment includes the re-entry of an existing well, a new well twinning an existing well into a previously produced reef, and a new well into an undrilled reef.
The company said operations to prepare the well sites for drilling operations have now commenced and well site clearance will take between three to seven days on each site.
Northern Petroleum said drilling and completion is forecast to take 15 to 20 days for each well, followed by a sustained flow test period.
The company said the results from the completed programme are expected to be known in the second quarter.
Northern Petroleum shares were up 1.8% to 31.17 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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