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Thursday, October 23, 2008
Burning off the well
They are burning gas off at the Corey well. This is done as a safety measure to reduce pressure, I'm told by the safety officer on site, who politely prevented me from getting closer with my camera. The first video was taken from the road by the well. Make sure your sound is on. (I can hear the flames roaring right now, from inside the house with doors and windows closed.) The second video was taken from the hill above the pond on the farm. I wish I could get a decent still picture. It's an extraordinary sight.
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5 comments:
It's because we're so rich. Rich people are really wasteful.
Lol I'm sorry, that comment from "Durrrrr" was me.
Very mysterious -- SiteMeter shows the durrrrr comment as having been posted by somebody with an ISP in Mountain View, California. Did you take a quick trip West, Luke?
Norse Energy Corp. ASA (`NEC` ticker code OSE - NEC, Oslo, Norway, U.S
OTC symbol `NSEEF`)
HERKIMER GAS FIELD UPDATE
Norse Energy announces the completion of its 12 inch plastic pipeline
which connects two existing sales points. The new pipeline capacity is
15 000 Mcf per day, with the potential of upgrading for additional
capacity. This connection should add significant production growth from
our proven Herkimer field which we estimate to yield 0.5 Tcf of gas. The
Herkimer field also has the potential to access two additional
interstate pipelines both feeding the New York City metropolitan area,
which is only 120 miles away.
With this important milestone behind us and the incurred costly
infrastructure investment, our focus is on developing our profitable
Herkimer play. The last five horizontal Herkimer wells drilled, of which
two has been announced in a separate press release, continue to yield
economical return exceeding our expectations.
The latest horizontal Herkimer well has an initial flow rate similar to
the two wells previously announced on September 18th of one million
cubic feet (178 BOE) per day. Given today`s gas price, our payback time
is around a year. Drilling cost has come down, and the last two
horizontal Herkimer wells will cost us less then one million USD.
Norse has previously estimated average reserves for the Herkimer at 1.2
billion cubic feet (214 000 BOE) per well. The Company has previously
announced to have 250 seismically identified locations in the Herkimer
formations with a likelihood of direct offset of another 250 locations
on the Companys 130 000 acreage located closer to New York City than any
other producing gas fields in United States.
Norse Energy has now moved from the exploration phase to a full scale
development play with all attention to convert Herkimer resources into
producing reserves. The development play with access to pipeline should
provide the Company with additional financial flexibility going forward.
Current production is 4 500 Mcf per day with an additional 2 000 Mcf per
day awaiting pipeline connection. Our production prior to the Jamestown
Medina divestiture was 5 900 Mcf.
CORPORATE UPDATE
Norse Energy`s CEO Øivind Risberg also commented that `...it is
comfortable to know that our exploration efforts have proven not only
our Herkimer play but have resulted in strong interest in our Marcellus
& Utica shale play. Our resource potential of likely more than 2 Tcf of
gas close to New York City, the highest priced gas market in the United
States, and with access to three interstate pipelines, has attracted a
lot of interest from industrial E&P company`s looking for an entry to
the shale play. The Company is well positioned to take advantage of the
strong industrial asset market we have seen in the USA but also in
Brazil.`
Norse Energy Corp. is a Norwegian based publicly listed company with its
focus on energy operations offshore Brazil and in the Appalachian Basin
U.S., concentrating primarily in the states of New York and
Pennsylvania.
For further information please contact:
Anders Kapstad, CFO
Tel.: +47 6751 6112
Cell: +47 918 17 442
akapstad@norseenergy.com
S. Dennis Holbrook, U.S. Investor Relations
Tel.: + 1 (716) 568-2048
dholbrook@norseenergy.com
Thanks, Anon. Very useful.
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