By Elena Vardon
Beacon Energy said its Schwarzbach-2(2.) onshore well in Germany could lift production and revenue substantially after an initial analysis showed good quality oil-bearing reservoirs with porosity ranges above pre-drill expectations.
The oil-and-gas company–which was formerly known as Advance Energy–on Friday said that the electric wireline logging program pointed to a 34-metre gross interval containing 28 metres of oil-bearing net reservoir, with porosities averaging 18% and up to 28%.
Along with a shallower than expected target depth, these results have positive implications for the reserves description and the future cash generative potential of the segment of the site, the London-listed group said.
“The electrical wireline logs demonstrate that this well has the capacity to materially increase the company’s production and revenue as the well is brought onstream through our wholly-owned and operated existing facilities,” Chief Executive Larry Bottomley said.
Write to Elena Vardon at elena.vardon@wsj.com
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