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- Metgasco (MEL) announces the completion of initial Odin-1 well tests and says the gas flow rate continued to perform strongly
- Over the course of five intervals, a total of 26.6 metres within the Toolachee Formation were perforated and 7.5 meters over two intervals in the Epsilon Formation
- During the phase of optimising choke settings, 10.3 mmscfd was achieved with a 36/64″ fixed choke rate at a FWHP of 1666psi
- Metgasco says this demonstrates the potential for improved gas productivity from both the Toolachee and Epsilon formations
- Metgasco shares are trading steady at 3.4 cents
Metgasco (MEL) has completed the initial flow test period for the Odin-1 well and said the gas flow rate continued to perform strongly.
The testing started on October 27 and the results have shown a final raw gas flow rate of 6.5 million cubic feet per day (mmscfd) at a flowing well-head pressure (FWHP) of 1823 psi.
Over the course of five intervals, a total of 26.6 metres within the Toolachee Formation were perforated along with 7.5 metres over two intervals in the Epsilon Formation.
Samples have been collected and will soon be analysed but infield data predicts 22 per cent of inerts when the well was shut in, the prediction falls within expectations.
During the phase of optimising choke settings, a rate of 10.3 mmscfd was achieved with a 36/64-inch fixed choke rate at a FWHP of 1666psi with 60 barrels of water per day. This demonstrates the potential for improved gas productivity from both the Toolachee and Epsilon formations.
The line sits within the Copper Basin and is operated by Vintage Energy who holds a 42.5 per cent stake.
Thereafter, it is owned equally by Metgasco and Bridgeport with a 21.25 per cent stake, with the remaining 15 per cent belonging to Impress.
Metgasco shares traded grey at 3.4 cents at 3:26 pm AEDT.
