Universal tucks in to Caviar feast
Houston-based Universal Energy announced successful results from flow tests
on two Caviar prospects in Plaquemines Parish, Louisiana, estimating that
production from the wells could begin as early as July of this year.
During the tests, the Caviar-1 and Caviar-4 wells flowed more than 4.3
million cubic feet per day and 4.2 MMcfd, respectively.
Universal has a stake in the prospect through an agreement with Yuma
Exploration & Production.
The company announced about a month ago it is farming into Yuma’s prospects as
part of Universal’s strategy to buy up low-risk rights to offset existing
production costs.
Earlier, Universal announced it had begun construction of the pipeline that
will tie in production from the two wells.
“The results from the tests are excellent and demonstrate the outstanding
reserves located in this area,” said Universal chief Billy Raley.
“With prices of natural gas at over $11 per thousand cubic feet, it’s clear
that these wells are significant and that they will be instrumental in our
top-line growth for 2008."
Universal owns assets in Alberta and south-eastern Louisiana.
08 May 2008 15:33 GMT
| last updated:
08 May 2008 16:35 GMT
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