Stream provides update on status of Delvina gas field development

Postuar: 04/02/2014 - 01:16

  • The hydraulic rig for drilling of the D34H1 gas well arrived at the Durres port in Albania at the end of January 2014. Over the past few months, Stream completed all preparatory work at the wellsite, including the necessary local support facilities.
  • Stream reopened the Delvina D12 well in mid-2013 to commence production and gas sales following completion of the first stage of the thermal power plant in late 2013.

Tuesday, February 04, 2014 - Stream Oil & Gas Ltd. (TSXV: SKO) provide an update regarding the status of its Delvina gas project. The drilling rig for the first Delvina horizontal gas development well (D34H1) arrived in Albania, cleared customs and is en route to the Delvina gas field for an expected spud date in March 2014. Concurrently, Stream is pursuing various strategies to bring the existing Delvina D12 and D4 gas wells on line.

Delvina Horizontal Well Status
The hydraulic rig for drilling of the D34H1 gas well arrived at the Durres port in Albania at the end of January 2014. Over the past few months, Stream completed all preparatory work at the wellsite, including the necessary local support facilities. The D34H1 well is expected to spud during March 2014 and test in June 2014 after finalization of drilling and completions operations.
The produced residue gas from the D34H1 well will be delivered to the power generation unit installed at Delvina through a new 500 metre pipeline connection. At the same time, Thermo Energy Albania is planning to increase the megawatt power potential of the unit. Condensate production from the well will be also sold initially to the local market. This will enable a longer term test of the well to provide additional assurance of the well's production potential.

Delvina Gas Status
Stream reopened the Delvina D12 well in mid-2013 to commence production and gas sales following completion of the first stage of the thermal power plant in late 2013. During workover operations an obstruction was encountered in the completion string that could not be removed through solvent injection. The Company is currently focused on attempting to clear the blockage by disengaging the packer. In addition, Stream completed upgrades to the Delvina D4 well during late 2013 and a program is in its final stages to bring the well back on line. If work on both wells is successful, production could commence prior to the end of February 2014.

"The dedicated Delvina gas operations team has been focused to repairing the existing vertical gas wells and ensuring the field is prepared for horizontal drilling,"

said Dr. Kapotas, President and Chief Executive Officer.

"Despite delays experienced in 2013, we believe that we now have all the necessary equipment and experience in place to move ahead with Delvina gas production in the near future. The drilling rig for the horizontal well will later be used to drill our Delvina Block exploration well later in 2014.

/portali DurresLajm/

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