Linc Energy spuds first well at Umiat oil field in Alaska

Source:Linc Energy

Linc Energy (ASX:LNC) (OTCQX:LNCGY), has spudded the first well in the 2012-2013 drilling program at its Umiat oil field in Alaska’s North Slope.

The Umiat field has been estimated by Ryder Scott to contain over 1.2 billion barrels of oil in place with the proved and probable (2P) reserves of 154.5 million barrels of oil equivalent, with the 2P NPV of US$1.828 billion. Linc expects peak production during full field development to be around 50,000 barrels per day.

A total of 12 legacy wells have been drilled within the field between 1944 and 1979, with historical test showing Umiat oil to be light sweet crude of a 37 API gravity and a pour pint of less than -5 degrees Fahrenheit. Early testing of the vertical wells also achieved flow rates of up to 400 barrels of oil per day.

Linc’s winter drilling program will mark the first drilling at Umiat since 1979 and the first time modern Arctic drilling techniques and horizontal drilling will have been applied at the reservoirs.

Scott Broussard, President of Linc’s Oil & Gas Division said, “This is a significant step forward for Linc Energy and for new oil development in Alaska. It’s not every day that one is able to tap into a billion barrel oil field and we have now done just that. The next significant milestone will be the results of the flow tests and the evaluation of the deep well. We are all very excited about the first step in a world class oil development.”

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