Brief: Questerre says "very encouraged" by drilling results at joint venture well

Questerre Energy (Canada)

15/12/2016 07:30

Dec 15 (Reuters) - Questerre Energy Corp  QEC.TO  QEC.OL : 
    * Reported today on results from a recent joint venture well 
drilled directly offsetting its 100 pst owned seven sections in 
Kakwa-Resthaven area 
    * Very encouraged that recent results of approximately 170 
bbls/mmcf and less than 25 ppm h2s are in line with results from 
our joint venture block 
    * It proves up west portion of our joint venture acreage and 
supports our 100 pct owned block 
    * Results are also consistent with other wells drilled in 
2016 and, although early, are positive for improving completion 
design 
    * Although initial rates from 04-16 well are encouraging, 
they are not necessarily indicative of long-term performance or 
of ultimate recovery 
    * the "04-16 Well") was drilled in June with a lateral of 
approximately 2200m on the Company's joint venture acreage in 
the area. Completion operations in the Montney were finalized in 
the fourth quarter 
    * Over a 746 hour production test period, the 04-16 Well 
continued to flow back frac water and hydrocarbons with peak 
rates at the end of the test of approximately 2111 boe/d 
consisting of 6.18 MMcf/d and 1081 bbl/d of condensate 
    * Company will only earn a 25 pct interest in 04-16 well 
once operator has received net revenue equal to four times 
drilling and completion costs and two times equipping and tie-in 
costs of each well 
 
Source text for Eikon:  ID:nObiqqk5Ha  
Further company coverage:  QEC.TO  
 
 (Reporting By Ole Petter Skonnord) 
 ((olepetter.skonnord@thomsonreuters.com;))