say goodbye holding pattern, page-3

Today's AED ann. The news gets better and better for NWE. Seriously undervalued....

Puffin-8 Flowtest Supports 15–20,000 stb/d Production Expectation
The Puffin-8 production well has been flow-tested at an estimated maximum rate of 11,660
stock tank barrels per day (stb/d) on a 52/64” choke, with a flowing wellhead pressure of 651
psig. The measured crude gravity is approximately 44o API, consistent with Puffin-5 and
Puffin-7. The oil flowrate was limited by testing equipment deployed on the drilling rig and
calculations show that the well is capable of flowing at a stabilised rate of 15-20,000 stb/d,
very similar to the Puffin-7 well. The Puffin-8 well performance is considered another
excellent outcome.
The well was tested at various rates over a period of 27 hours, during which time Base
Sediment and Water (BSW) quickly reached negligible levels, i.e. less than 0.1%. The well
was initially tested by passing the well stream through the separator, reaching a maximum
stabilised separator rate of around 9,000 bopd on a 44/64’ choke (8,480 stb/d). At higher
choke settings the well stream had to bypass the separator, hence no direct rate
measurement was possible. Rates at higher choke settings were determined through an
equation established between flowrates and choke sizes at lower rates. The well was
successively tested at rates of 3,570 stb/d (28/64” choke) and 5,770 stb/d (36/64”) through
the separator, and when bypassing the separator at 8,460 stb/d (44/64”), 10,010 stb/d
(48/64”), culminating in 11,660 stb/d on a 52/64” choke.
Reservoir appraisal by this well and subsequent reservoir simulation has also confirmed that
the Puffin-8 well will be draining additional reserves to Puffin-7. As the second well in the
development, Puffin-8 will give additional security of production.