EQS Group-News: TERRAOIL SWISS AG
/ Key word(s): Drilling Result
TERRAOIL SWISS AG: Terraoil Announces Initial Production Test Results Since Resuming Drilling Operations on Visoka Block
28.07.2021 / 06:45
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|Terraoil Announces Initial Production Test Results Since Resuming Drilling Operations on Visoka Block
|Promising initial production test results show 0% water cut and strong pressure support
|July 27, 2021
|Zug, Switzerland, July 27, 2021 - Terraoil Swiss AG, an E&P company with a strong focus on the Mediterranean, is pleased to announce that it has promising initial production test results from its first vertical well drilled since resuming drilling operations in April 2021. The G14-b vertical well in Visoka (100% working interest) targeted the limestone formation. The well was drilled and cased to a depth of 1215 meters and completed with an open hole by drilling out to a total depth of 1265 meters. The results show a 100% oil production with 0% of water cut and strong pressure support from the reservoir with pressure at 141 bar. The well is continuing to be optimized.
Terraoil has produced approximately 1.3 million Barrels of Oil from the Visoka field since 2012. In the business year 2020, after implementation of a cost cutting program, production from the Visoka field was approximately 103,000 Barrels of Oil.
Peter Krempin, Chief Executive Officer and Co-Founder of Terraoil said:
"Intensive data analysis over the past years has revealed 2P Net Reserves for the Visoka field and the new fields are estimated to total 37.6 MMBOE. While work on the Visoka field continues, we are expending maximum effort to achieve at least one more drill on the Visoka block as soon as possible, including additional production techniques with nitrogen injection. We have carried out additional nitrogen stimulation and expect initial results shortly. The potential of the Visoka field is, we believe, enormous. That is our opportunity and our goal, and with the support of shareholders and the investor community, that goal is within reach."
About Terraoil Swiss AG
Terraoil is an international E&P company with a focus to identify and rapidly advance undeveloped transformational production potential through state-of-the-art technology with comparably low production cost. For more information regarding Terraoil, please visit: https://terraoil.swiss
For further details, please contact:
Peter Krempin, CEO
T: +41 71 544 01 20
This media release serves informational purposes and constitutes neither an offer to sell nor a solicitation or an advertisement to buy any shares of Terraoil Swiss AG in any jurisdiction. This media release does not constitute a prospectus within the meaning of Article 35 et seqq. of the Swiss Federal Act on Financial Services.
Investors should base their decision to purchase shares of Terraoil Swiss AG exclusively on the official prospectus, which can be downloaded from the company's website (https://terraoil.swiss/prospectus). The shares described in the prospectus are publicly offered in Switzerland only. In addition, investors should seek advice from their bank or their financial adviser.
This media release and the information contained therein are not being issued in the United States of America, Australia, Canada, Japan, the United Kingdom or the European Economic Area and must not be distributed within or to such countries or via publications with a general circulation in such countries.
This media release contains forward-looking statements such as projections, forecasts, and estimates. Such forward-looking statements are subject to certain risks and uncertainties which may cause actual results, performance, or events to differ materially from those anticipated in this media release. Readers should therefore not rely on these forward-looking statements. The forward-looking statements contained in this media release are based on the views and assumptions of Terraoil Swiss AG as of this date and Terraoil Swiss AG does not assume any obligation to update or revise this media release.
End of Media Release