Pulse Oil Corp. announces Bigoray drilling program and EOR progress
Pulse Oil Corp. is happy to announce that the Company intends to drill two new wells within the Bigoray EOR acreage in February and March 2019.
Pulse's independent geotechnical modelling, as announced on January 30, 2019, has unexpectedly increased the initial amount of estimated discovered petroleum in place (DPIIP) (effective date of December 6, 2017) by 43.9%. The EOR modelling project is crucial for long-term execution of Pulse's Bigoray enhanced oil recovery ("EOR") program and as part of the geotechnical modelling, a new 3-D seismic interpretation has defined large areas of potentially untapped reservoir associated with Pulse's two pools. Two low-risk development opportunities targeting these newly identified oil reservoir areas have now been approved for drilling prior to Alberta winter break-up.
Pulse's budget for its EOR program had always included drilling two injection wells but hadn't expected these planned injection wells could also provide near-term production potential, new cash flow and early reserve booking for Pulse.
Pulse President, Drew Cadenhead, commented: "Based on the exciting results of our geotechnical modelling project that has materially increased the estimated DPIIP contained within the Bigoray EOR boundaries, we will be drilling two new wells at Bigoray, one into the Nisku D pool and one into Nisku E. We were planning on drilling new optimally placed injection wells into each pool anyway, and with this new technical data we are excited to tap into previously unrecognised and undrained areas of these light oil reservoirs. We anticipate that these two new wells will give us the added benefit of immediate flush production, cash flow and new reserve bookings from virgin areas within our pools while all permanent EOR facilities and pipelines are being completed. Once complete, we will convert these two new wells to solvent injector wells and continue the formal Enhanced Oil Recovery phase of our business plan."