PrimeGen Energy Corp (OTC: PGNE) --- Breaking News Alert
PrimeGen Energy - Kochmesskoye #2 Oil Well Reaches Target Depth
This month, PrimeGen Energy Corporation (OTC: PGNE) reported that June production at Timan-Pechora Kochmesskoye well totalled 25,200 Barrels of Oil, which was then followed by another announcement last week stating that the second well (Kochmesskoye #2) drilling has commenced. Now the company has just announced that it has reached its target depth.
Yesterday after the markets closed, the company issued a press release announcing that as part of the recently announced that the drilling operator at the previously announced Timan-Pechora Project has reported that the drilling of Kochmesskoye #2 well has reached total target depth.
Testing of any potentially productive oil bearing zones has commenced. PrimeGen will be advised as to the commercial viability of the well and productive oil flow rates upon the completion of testing, which is anticipated early next week. The well is the second of a proposed development program targeting a minimum of 30 oil wells to be drilled.
As part of the accelerated drilling program a third well is scheduled for immediate drilling shortly after results of the second well are announced. The first well of the project was drilled and completed on June 17, 2009 and resulted in setting a new production record for the field of 1,200 barrels of oil per day. PrimeGen expects that an additional 5-8 wells will be drilled during the third quarter of 2009
Read Full Press Release
PrimeGen Energy - Kochmesskoye #2 Oil Well Reaches Target Depth
This month, PrimeGen Energy Corporation (OTC: PGNE) reported that June production at Timan-Pechora Kochmesskoye well totalled 25,200 Barrels of Oil, which was then followed by another announcement last week stating that the second well (Kochmesskoye #2) drilling has commenced. Now the company has just announced that it has reached its target depth.
Yesterday after the markets closed, the company issued a press release announcing that as part of the recently announced that the drilling operator at the previously announced Timan-Pechora Project has reported that the drilling of Kochmesskoye #2 well has reached total target depth.
Testing of any potentially productive oil bearing zones has commenced. PrimeGen will be advised as to the commercial viability of the well and productive oil flow rates upon the completion of testing, which is anticipated early next week. The well is the second of a proposed development program targeting a minimum of 30 oil wells to be drilled.
As part of the accelerated drilling program a third well is scheduled for immediate drilling shortly after results of the second well are announced. The first well of the project was drilled and completed on June 17, 2009 and resulted in setting a new production record for the field of 1,200 barrels of oil per day. PrimeGen expects that an additional 5-8 wells will be drilled during the third quarter of 2009
Read Full Press Release
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