MCW $1.5 mil Phase 1 completion demonstrates commercial viability for potential in 200 depleted wells
MCW Energy Group Limited, a clean-tech company with proprietary soil remediation and extraction technologies, announced its plan to develop the property and existing wells contained within the 7,000 acre Wardlow, TX field acquired in its recent acquisition of Accord GR Energy, Inc.
The current plan applies to the 7,000 shallow Permian acres in the Wardlaw field in Edwards, TX acquired by Accord in Sept., 2016.
The two-phase plan of property development involves the use of two licensed EOR technologies providing for recovery of oil using a combination of wave and thermal baric process.
The recently completed $1.5 million Phase I test succeeded in demonstrating the potential ability of the impulse wave technology to support economically viable production rates of even the most depleted wells.
With Phase 1 potential capabilities confirmed this month, the company plans to commence Phase 2 in the first quarter of 2017, in which it intends to demonstrate commercial oil recovery potential.
Once Phase 2 is underway, the company plans to create a production pilot, which will include drilling 20-25 well patterns at optimized recovery rates to full depletion.
Upon completion of Phase 2, with well production parameters proven, the plan calls for optimization of the production pilot and a full assessment of the field’s commercial viability using a discounted cash flow (DCF) model.
Alex Barak, CEO of Accord, has an extensive track record developing and applying technological innovation to increasing production rates and reserve values, both in the US and in overseas, having overseen the operation of North Caspian Oil Development’s 2,600,000 acre block, “Atyrau,” planning and partially implementing drilling program of over 500 wells in Nations Energy’s Karazhanbas field in Kazakhstan.
He also served as CEO of Houston based Galex Energy, overseeing successful development and application of their own enhanced oil recovery technologies, including those being tested with Accord’s assets.
“We are confident our process will prove the recoverability of the long dormant but high potential properties,” said Barak. “Additionally, we envision favorable regulatory and geo-political drivers of improved growth within EOR.”