S.N.G.N. Romgaz S.A. Increase of Gas Production in Caragele Field (5959B)
January 31 2020 - 6:01AM
UK Regulatory
TIDMSNGR
RNS Number : 5959B
S.N.G.N. Romgaz S.A.
31 January 2020
January 31, 2020
A N N O U N C E M E N T
ROMGAZ to increase daily production by 30% in the Caragele
Field
Societatea Nationala de Gaze Naturale ROMGAZ S.A. announces the
beginning of gas production from the deep reservoir of the Caragele
field through the 77 Rosetti well, having a production potential of
more than 1500 boe. In 2016, ROMGAZ identified an important
discovery in the NE sector of the Moesic Platform within the
Caragele field, at a depth of over 4000 m, and that well confirmed
in production the initially announced discovery. The discovery
required a specific time period for a comprehensive geological
assessment of the hydrocarbon accumulation as well as for the
design and preparation of development works to allow beginning of
production.
ROMGAZ CEO Mr Constantin Adrian Volintiru stated that: "Such a
result rewards the significant efforts of the company, made over
the last period, to explore at deep depths, in high risk condition
but with a prospective confirmation of important hydrocarbon
accumulations in the licensed blocks. The exploration and
development works will continue at a sustained rate to allow for
potential increase of the assessed volume of the gas originally in
place, as well as the recovery of such. Romgaz has also intensified
the production activities in the medium depth zone of the Caragele
field by putting into production two new wells having an average
daily flow rate of 1000 boe."
The three wells put a new perspective on the Caragele field
through an enhanced daily production by approx. 30%, resulting in
an increased gas production of the company by 1.4% in January
2020.
S.N.G.N. ROMGAZ S.A. performs exploration, development and
production petroleum operations in eight blocks in Romania, with
the main aim of continuing the exploration works to identify new
hydrocarbon resources.
******************
About ROMGAZ
S.N.G.N. ROMGAZ S.A. is the largest natural gas producer and the
main supplier in Romania. The company is listed on Bucharest Stock
Exchange and GDRs are traded on London Stock Exchange. The majority
shareholder is the Romanian State owning a 70% stake. The company
has a vast experience in the field of gas exploration and
production, with a history that began in 1909 and spans more than
100 years. Romgaz undertakes geological exploration with the aim of
discovering new gas reserves, produces methane by exploiting the
reservoirs included in the company's portfolio and stores natural
gas in underground storages; it performs well interventions,
workover and special operations, and ensures technological
transportation professional services. In 2013, Romgaz extended its
scope of work by taking over the Iernut thermoelectric power plant,
and thus it also became an electric power supplier.
Chief Executive Officer,
Constantin Adrian VOLINTIRU
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END
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