More of the same. As it reads and as Linc said they will release results over 2 weeks time. That could mean theyre finalising the reults, theyre negative or theyre positve and waiting to dribble them out. Only time will tell. Regardless there still oil down there and if it is still 400 bpd then so be it. Only time will tell.
Upstream International - Josh Lewis
23 April 2013 03:25 GMT
Australia's Linc Energy has flowed oil to the surface from its first well to be drilled at the Umiat oilfield, on Alaska's North Slope, since the 1970s.
Linc made the announcement on Tuesday adding that that it was now in the process of flow testing the Umiat-18 well. The results from that test are expected within the next seven to 14 days.
Umiat-18 was spudded last month, targeting the Lower Grandstand oil sands with a secondary objective of assessing the deeper resource potential at the well location.
Following the completion of operations at Umiat-18, Linc will turn its attention to the Umiat-23H horizontal well which will be drilled directionally into the same Lower Grandstand formation being tested in Umiat-18.
Umiat-18 is the first well to be drilled at the field since the late 1970s and the first time modern drilling techniques have been used on reservoirs at Umiat, according to Linc.
A total of 12 legacy wells were drilled at Umiat between 1944 and 1979 with historical well testing showing oil at the field to be light sweet crude with a 37 API gravity.
Linc said early testing of vertical wells during that period achieved flow rates of up to 400 barrels of oil per day.
The company has stated the Umiat field has been estimated to hold proven plus probable reserves of 154.5 million barrels of oil equivalent and anticipates peak production during full field development to be about 50,000 bpd.
LNC Price at posting:
$1.95 Sentiment: LT Buy Disclosure: Held
