IB Daiwa Announces Test Results from Kami Gas Field - Tests Flow Rates Exceed Pre-drilling Expectations.Tokyo, Japan, Jan 23, 2006 - (JCN JCN Japan Corporate News JCN Journal of Cognitive Neuroscience JCN Journal of Cardiovascular Nursing JCN Journal of Christian Nursing JCN Job Control Number JCN Journal of Child Neurology JCN joint communications network (US DoD) Newswire) - IB Daiwa IB Daiwa Corporation JASDAQ: 3587 established in September 1947. The group listed in over-the-counter market in the Tokyo Securities Dealers’ Association in June 1963. By December 2004, the Company cancelled this registration and listed itself on Jasdaq. Corporation (JASDAQ Jasdaq See: Japanese Association of Securities Dealers Automated Quotation System :3587), the pure-play Japanese natural resources company, today announced results of the preparatory pre·par·a·to·ry adj. 1. Serving to make ready or prepare; introductory. See Synonyms at preliminary. 2. Relating to or engaged in study or training that serves as preparation for advanced education: tests conducted at the Kami gas field of its recently-acquired wholly-owned subsidiary, Lodore Resources ("Lodore"). Seiki Takahashi, President of IB Daiwa commented, "I am pleased that the testing phase has now been completed at Kami, and look forward to the move towards production and development of this prospect. We will update you on developments as we move towards commercial production." The Kami well was successfully tested and flowed both gas and condensate condensate, matter in the form of a gas of atoms, molecules, or elementary particles that have been so chilled that their motion is virtually halted and as a consequence they lose their separate identities and merge into a single entity. to surface. Both the rate of gas flow and the amount of condensate significantly exceed the pre-drilling planning assumptions. The test flow-rate was limited by mechanical constraints but the information that was obtained confirms that the well could produce significantly more than 10 million cubic feet of gas per day. Consequently, PelTex and Lodore are now planning to commence commercial production from the well, when the tie-in is completed, at a start-up rate of 10 million cubic feet of gas and 200 barrels of oil per day. Lodore and its partners, Pel-Tex, are now completing the engineering design to connect the well to the sales gas line which is approximately two kilometers from the Kami wellhead well·head n. 1. The source of a well or stream. 2. A principal source; a fountainhead. 3. The structure built over a well. wellhead Noun 1. . It is expected that the system will be ready to supply gas within two to three months. Further Technical Information on Kami Test Results Testing at the Kami well has now been completed. The reservoir was perforated per·fo·ra·ted adj. Pierced with one or more holes. between a measured depth of 13,323 to 13,384 feet and the well was opened to flow up 2 7/8 inch tubing through a 10/64" choke (jargon) choke - To fail to process input or, more generally, to fail at any endeavor. E.g. "NULs make System V's "lpr(1)" choke." See barf, gag. . A sustained flow rate of 7.014 mmscfd of gas and 154 bpd of condensate was measured with no water. Shut-in tubing pressure prior to flowing the well was 8,389 psi PSI - Portable Scheme Interpreter . The flow rate observed was obtained with a very small draw down of 353 psi and a flowing tubing pressure of 8,036 psi. The low draw down across a narrow choke suggests that the well is capable of producing at much higher rates. Following testing, the rig has been released. The condensate rate is around 22 barrels per million cubic feet and is much higher than had been anticipated pre-drill or following interpretation of the wireline logs. As such it represents a pleasant surprise, but will entail a slight revision to the facilities design that has been ongoing over the past couple of weeks. A further announcement on timing of facilities completion and estimated cost will be made when the design has been completed. About I B Daiwa IB Daiwa was incorporated in Japan in September 1947 and was engaged in the manufacture and sale of industrial use machine sewing thread and twisted yarns. The Group was also involved in the property business and the import and sale of high brand kitchenware. On June 24, 2005, the shareholders of IB Daiwa elected and approved a new board of directors. The new board has begun to restructure the management and operations of IB Daiwa and has signified sig·ni·fied n. Linguistics The concept that a signifier denotes. [Translation of French signifié, past participle of signifier, to signify.] Noun 1. its intention to supplement the existing business with investments in the natural resources, particularly the oil and gas sectors. IB Daiwa announced on December 27, 2005 the disposal of non-core subsidiaries to further concentrate on natural resources businesses. For further information please go to: www.ibdaiwa.co.jp Source: I B Daiwa Contact: Keisuke Matsuno Tel: +81-3-3264-1378 http://www.ibdaiwa.co.jp Copyright [c] 2006 JCN Newswire. All rights reserved. A division of Japan Corporate News Network K.K. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion