Activa Resources stays focussed on growth
- 8th OSR-Halliday horizontal well on production
- 111,663 BOE produced to date at 6th and 7th OSR-Halliday wells
- Production costs currently running at USD 16 per BOE
- Preparations for a broad drilling programme for 2015 underway
Bad Homburg, 13th November 2014. Activa Resources AG, an independent oil and gas producer, announces that it has successfully put its 8th new OSR-Halliday horizontal well on production. The new horizontal Woodbine well at the company's flagship asset OSR-Halliday in East-Texas has been producing oil and natural gas since early November. This is the third OSR-Halliday well to be drilled and completed this year. The initial production performance confirms again the field's commercial viability whereby over 50 wells are expected to produce approx. 400,000 BOE each. The previous wells (No. 6 and 7) have produced 71,469 BOE and 40,194 BOE since May and September respectively. The three wells drilled in 2014 again confirm that OSR-Halliday represents the sweetspot of Woodbine production from a regional standpoint.
Activa remains committed to its growth strategy going forward. Its broad drilling programme in 2015 will comprise further development of the OSR-Halliday field with at least four new horizontal wells. In addition, three new wells to be drilled at Pill Branch will be complemented by further drilling at Halls Bayou, Adams Ranch and Loma Field. Overall, Activa is aiming to double production by year-end 2015.
Leigh A. Hooper, Activa CEO adds: "While the recent oil price decline is negatively impacting our revenues in Q4 our oil and natural gas production remains highly economic. Our production costs in 2014 Q4 amount to approx. USD 16 per BOE. Because OSR-Halliday and our other main projects are conventional reservoirs we are not experiencing the same ROI challenges on new wells faced by some of the North American shale plays. While we expect high price volatility in the coming months we do not expect US oil prices to move to a sustained lower level. As such, and given the commerciality of our projects, we continue to plan the further development of our assets. We are solely investing in our existing assets and plays where we already economically produce oil and natural gas. We are planning further growth in revenues and profitability in 2015 even in the current pricing environment."
The Management Board
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
