Oracle Energy Corp.
Oracle Energy: Nadlac no. 3 well flowing gas
Corporate-news transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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November 17, 2005 – Oracle Energy Corp. (OCL: TSX Venture) (O2E: Frankfurt) is
pleased to announce that it has been notified by project operator Carpathian
Energy that re-work operations on the Nadlac no. 3 well, situated in the
Nadlac field in western Romania have been completed.
The well is now flowing, producing gas and condensate. Average flowing and
shut-in pressures continue to gradually increase and well flow has presently
been directed into the separator and production facilities. Perforations are
from 2770 to 2786.4 meters, or a perforated interval of 16.4 meters (53.3
feet). Bottom Hole Pressure shows to be approximately 297 bars (4,400 pounds
per sq. inch). Initial tests indicated gas and fluid produced at the following
rates:
15/64-inch choke: 1,230,000 cfgpd (cubic feet gas per day); 23 bcpd (barrels
condensate per day) with FTP of 17 bars (252 pounds per square inch)
27/64-inch choke: 673,000 cfgpd; 10 bcpd with FTP (flowing tubing pressure)
of 35 bars (520 pounds per square inch).
Historical field information indicates that the well may take another 2 or 3
weeks to finish cleaning up. At that time additional test results will be
released. Commenting on the results Oracle Energy president Nasim Tyab stated,
“This represents a major milestone for the company as the initial tests
indicate that the commercial potential of the Nadlac no. 3 well is
significant.” Carpathian expects the Nadlac no. 3 well to be producing into
the transporters pipeline and to commence commercial sale of gas and
condensate within the next 30 days.
The well work over crew is rigging down the equipment from the No. 3 well, and
preparing to move to the No. 100 well in the Nadlac Field to commence work
over operations there. Work on the No. 100 well should start by Friday,
November 18. The Carpathian/ Oracle joint venture intends to re-work a total
of 4 wells in the Nadlac Field.
Pursuant to the property purchase agreement dated July 5, 2004, as amended
Aug. 17, 2005, between Oracle Energy Corp. and Carpathian Energy Companie
Petroliera, Oracle Energy holds an 11.2% participating interest with the
option to acquire up to a 20% participating interest in six oil and gas
concessions located in Romania known as the Bordei Verde Vest field and the
Nadlac, Catrunesti, Cozieni, E. Ciumeghiu and N. Ciumeghiu concessions.
ON BEHALF OF THE BOARD
“Nasim Tyab”
President
End of announcement (c)DGAP 17.11.2005
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WKN: A0F52J; ISIN: CA68400T1093; Index:
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