7th May 2019 12:46
LONDON (Alliance News) - Polo Resources Ltd on Tuesday said the water injection project at the Cook oil field is on track to complete as planned and oil water contact was deeper than predicted.
Cook is located offshore in the UK continental shelf and is a joint venture that includes Polo investee company Hibiscus Petroleum Berhad, which owns a 19.3% participating interest. Ithaca Energy UK Ltd and Ping Petroleum UK Ltd own 61.4% and 19.3% respectively in the Cook joint venture.
The joint venture partners have sanctioned a water injection project at Cook, which involves drilling a water injection well into the field with the hope of increasing reservoir pressure. Following this, a subsea pipeline will be installed in the second half of 2019 to link the injection well with the Anasuria floating production storage and offloading vessel.
Cook P1, the existing production well at the field, has produced more than 50 million barrels of oil since production began in 2000 and the reservoir pressure has declined. The water injection is intended to re-pressurise the reservoir and thus maximise oil recovery.
Polo said the reservoir pressure at the injection well has been as predicted during drilling and it will be "completed as planned" to support Cook P1. Moreover, the oil water contact was also found to be deeper than had been expected.
"The implications of a deeper oil water contact whilst potentially positive, are still being evaluated and a further announcement will be made when the detailed work has been completed to establish the latest reserves estimates in the Cook field," said Polo.
Shares in Polo Resources were down 2.2% at 4.02 pence on Tuesday.
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