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MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  Greenfields Petroleum Corp    GEEPF   KYG409151035

GREENFIELDS PETROLEUM CORP

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Greenfields Petroleum : to upgrade 3 platforms at Azerbaijan's Bahar-Gum Deniz

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08/15/2019 | 12:16am EDT

It is planned to upgrade a total of three platforms at Azerbaijan'sBahar-Gum Deniz block, the US Greenfields Petroleum Corporation, which is the operator of the block through its subsidiary Bahar Energy Limited (BEL), told Trend.

The company said it plans to upgrade the Bahar 196 platform for drilling and start the drilling of the Bahar 301 gas well for targets in the NKP reservoir.

Moreover, Greenfields Petroleum Corporation will continue gas well recompletions in the Bahar gas field.

As for Gum Deniz field, the company said it will upgrade two Gum Deniz platforms to initiate water injection into the oil reservoirs and reinitiate the waterflood.

At the same time, the US company will continue initiation of electrical submersible pumps (ESPs) in in six oil wells in Gum Deniz south.

Greenfields Petroleum Corporation is a junior oil and natural gas company focused on the development and production of proven oil and gas reserves principally in Azerbaijan. Through its wholly owned subsidiary Bahar Energy Limited (BEL), the corporation owns an 80 percent interest in the Exploration, Rehabilitation, Development and Production Sharing Agreement (the "ERDPSA") with the State Oil Company of Azerbaijan ("SOCAR") and its affiliate SOCAR Oil Affiliate ("SOA") in respect of the offshore block known as Bahar Gum Deniz (the "Bahar Project") which includes the Bahar Gas Field and the Gum Deniz Oil Field.

The Bahar Project is operated by BEOC, a wholly owned subsidiary of BEL, under the terms of a Joint Operating Agreement.

The Bahar Gas Field consists of 45 offshore platforms including a central processing and metering platform to gather the gas for onward transport through a three 12-inch pipelines to the shore-based gas and liquid handling facilities. The platforms, in most cases are built on 24 to 30 pilings each in an average water depth of about 16 metres.

The Gum Deniz Oil Field is located south of the Absheron peninsula, 21 km south of Baku, between Gum Island and the Bahar Gas Field. The Gum Deniz Oil Field extends from onshore Gum Island, which is 2.5 km from the mainland to the south in the Caspian Sea. The Gum Deniz Oil Field is found along the Fatmai-Gum Adasi anticlinal trend which includes the Bahar and Shakh Deniz structures. Oil in the Gum Deniz Oil Field is trapped in a north-south trending structure that is approximately 16 kilometres in length and 3 kilometres in width. The Gum Deniz Oil Field is structurally up-dip from the Bahar Gas Field.

© 2019 Trend News Agency ALL RIGHTS RESERVED, source News Service

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NameTitle
John W. Harkins President, Chief Executive Officer & Director
Michael John Hibberd Non-Executive Chairman
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Jose Agustin Perez-Bello CFO, Treasurer, Director & Senior VP
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