Acer Energy will soon commence a drilling and workover campaign, aimed at augmenting already producing assets within the Cooper Basin and increasing the company’s overall proven oil and gas reserves. In the long term, Acer envisage construction of a small scale LNG plant as a means of optimising revenue from its co-produced wet gas
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Acer Energy (ASX: ACN) has a portfolio of producing oil and gas assets and earlier stage opportunities primarily located in the prolific Copper Basin.
Within the Cooper Basin portfolio, the company has a large acreage position with multiple play types that are rich in hydrocarbons. The most advanced of these opportunities is the GMI Ridge area which hosts the already producing Flax oil/gas field (~20,000bbls p.a.), the Juniper oil/gas discovery, the highly prospective Yarrow discovery and the Tallow and Cypress gas prospects.
Acer is set to undertake an extensive work-over program on producing Flax wells by fracture stimulation of up-hole formations/reservoirs not currently included in the resource estimate. Acer is also set to trial the ‘new Schlumberger designed’ fracture stimulation methodology as well as an artificial lift program, which may increase production by pumping fluids to the surface rather than relying on the natural pressure of the reservoir.
Following the recent acquisition of 3D and reprocessing of 2D seismic data, numerous appraisal and development well locations have been identified. A 3 to 6 well program will commence in October, which is likely to lead to a material increase in proven oil and gas reserves and an increase in production. In parallel, management is assessing downstream opportunities for maximising revenue from co-produced wet-gas at its production wells. This forms part of a whole-of-field development strategy for its assets.
The most advanced assets in the Acer Energy portfolio...
Official website: http://tyrannaresources.com/
ASX on Hotcooper: http://hotcopper.com.au/asx/ACN