Sefton Resources encouraged by results of steaming programme on Tapia Oilfield
04 February 2010
US based oil and gas group Sefton Resources today said it was encouraged by the results so far of a field-wide cyclic steaming programme at its Tapia Oilfield in California’s East Ventura Basin.
The steaming programme was launched last September and effectively involves injecting gas into the wells to stimulate production. The company is currently steaming its eighth well and is on track to meet its internal two-wells per-month steaming schedule target. Last summer, it said that there were 15 wells that could be steamed immediately, plus a further six, subject to mechanical work.
Sefton reckons the results show an initial gain after steaming equivalent to a greater than four times increase over baseline production in the month following the steam-soak cycle. The well production returns to near baseline after three to four months of production.
Elsewhere, the company has embarked on a workover program on the Hartje #16 well, the first of three wells that experienced corrosive liner failures. Production here is expected to return by mid-February.
Sefton’s estimated production for the fourth quarter of 2009 was approximately 11,268 barrels of oil. Oil and gas sales for the three-month period totalled $715,000. It averaged 142 barrels of oil per day (bopd) for the first part of January, with expectations of production increases by mid-February when the Hartje #16 well repair is complete. Production due to steaming and repairs should return the Tapia field to approximately 200 bopd sometime in February.
Finally, the company said it had reaffirmed its $10 million reserve-based revolving credit facility with Bank of the West.
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