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Pine Cliff Details Latest IP Rates at Alberta Pekisko Project
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Pine Cliff Energy Ltd. reported the latest production rates from three wells on its Pekisko development program.
Pine Cliff’s first horizontal oil well (“13-33“) targeting the Pekisko formation in Central Alberta came on production on January 18, 2019, and has averaged 249 Boe/d (111 Bbl/d oil, 27 Bbl/d natural gas liquids and 666 Mcf/d natural gas) through the first 365 days of production.
Two (2) additional Pekisko wells (100% working interest) were drilled in the fourth quarter of 2019, with the first of these wells (“4-21“) being placed on production on December 19, 2019, with IP30 rates averaging 308 Boe/d (150 Bbl/d oil, 31 Bbl/d natural gas liquids and 761 Mcf/d natural gas).
Pine Cliff’s third Pekisko well (“1-15“) was placed on production on January 18, 2020. Pine Cliff reduced capital expenditures on 4-21 and 1-15 to an average of $2.6 million per well for drilling, completion and tie in, down from $3.0 million for the same scope of work on 13-33.
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