Activa Resources AG: Successful exploratory well at new project
- First vertical well successfully drilled and put on production - Activa planning further drilling to confirm potential of acreage
Bad Homburg, 29th October 2013
Activa Resources AG has successfully drilled and put its first vertical well at a new US oil project on production.
Project X is the working title of a new oil prospect, in which Activa owns a 100% working interest, covering approx. 1,600 acres in an area with a strong oil production history. Preliminary assessment of the new well by Activa's technical team and external experts suggest that Project X is a suitable horizontal drilling candidate.
In the coming months Activa is planing to increase its acreage position and drill a second well. It has not yet been decided whether to drill a second vertical well or to commence horizontal drilling operations.
Leigh A. Hooper, CEO of Activa Resources AG, adds: 'Our aim is to make Project X into a viable multi-million barrel horizontal play. The key initial step towards achieving this goal is the completion and production test of this new well. Our strategy is similar to OSR development plan - identifying commercial vertical well production and then gear up production by implementing horizontal drilling technology. Project X provides low cost entry into a scalable prospect that could possibly mirror Activa's OSR success with Activa in control of operations.'
Further information will be made available in due course.
The Management Board
About Activa Resources AG
Activa Resources AG is an independent oil and gas company which focuses on the acquisition, development and exploitation of oil and natural gas properties. Activa Resources AG is listed on the Frankfurt stock exchange and is based in Bad Homburg, Germany. The company's management and technical team comprise oil industry experts with many years operational experience at major international oil companies. Further information can be found at www.activaresources.com.
Forward-looking statements
This news release includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning estimates of expected drilling and development wells and associated costs, statements relating to estimates of, and increases in, production, cash flows and values and other statements which are not historical facts. When used in this document, the words such as 'could,' 'plan,' 'estimate', 'expect', 'intend', 'may', 'potential', 'should' and similar expressions are forward-looking statements. Although Activa believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the potential that the Company's projects will experience technological and mechanical problems, that geological conditions in the reservoir may not result in commercial levels of oil and gas production, that changes in product prices can have a material impact and that Activa fails to raise sufficient capital to adequately fund its activities.
Company contact
Activa Resources
Hessenring 107
D-61348 Bad Homburg
www.activaresources.com
Phone: +49 (0) 6172 483 2352
Fax: +49 (0) 6172 483 2353
lah@activaresources.com
Investor Relations contact:
GFEI Aktiengesellschaft
Am Hauptbahnhof 6
60329 Frankfurt am Main
www.gfei.de
Phone: +49 (0)69 743 037 00
Fax: +49 (0)69 743 037 22
activa-resources@gfei.de
End of Corporate News
