HONG KONG SAR –
Media OutReach – 21 November 2022 –
New Times Energy Corporation Limited (“the Company” or “New Times Energy”, together with its subsidiaries, the “Group”, HKSE stock code: 166) is pleased to provide an update on successful drilling and completion operations in Willesden Green, Alberta by its wholly owned Canadian oil and gas subsidiary, NTE Energy Canada Ltd. (“NTEC”).
Finished drilling and completing the first 3 wells of the 2022 drilling program in October 2022 as scheduled with all 3 wells on production as of 10 November 2022
These two-mile-long lateral wells will reach peak daily production in the coming weeks given these are unconventional wells that were stimulated
NTEC spudded the first well of the 2022 drilling program in mid-July 2022 with the subsequent 2 wells drilled back to back from the same well pad. These horizontal wells were drilled to a total measured depth of approximately 4,900 meters and completed via a 32 stage stimulation design. NTEC managed to control cost inflation during its drilling program with final drill and complete costs exceeding the original authorizations for expenditure by only one percent whereas producers in other major oil and gas plays in North America have seen cost inflation increases in the double digits.
The Cardium play in West Central Alberta is one of North America’s most significant light oil fields and was initially developed in the 1950’s. Advances in horizontal drilling since the late 2000’s rejuvenated the field. NTEC just finished drilling the sixth and final well of the 2022 drilling program. This well and the two preceding it are one-mile-long laterals that will be brought on production before the end of 2022 to take advantage of strong oil and gas prices over the winter season. The Group will provide a further operational update after the remaining 3 wells in the 2022 drilling program have been brought on production.
The issuer is solely responsible for the content of this announcement.