Production planning finalised at Bezzecca, says Saffron Energy

The AIM-traded firm said its initial plan now was to operate all three levels with an estimated combined flow of 30,000-35,000 cubic meters per day.

It said steady commingled production would be achieved through the installation of a downhole choke above the Miocene level R.

Level A in the Pliocene had flowed in excess of the planned production rates at stabilised flows of 20,000-25,000 scm/day, and was on production, the board said.

That flow rate was above the levels estimated in the CPR.

Level R in the Miocene had also been tested and flowed at 25,000 scm/day - slightly below CPR estimates.

In addition, level S was flow tested for a shorter period, and would contribute to production at around 5,000-10,000 scm/day.

Saffron said production would continue in level A at 20,000-25,000 scm/day up to the end of June, with production levels increasing to 30,000-35,000 scm/day from early July when levels R and S would be added, once the bottom hole choke was delivered and installed.

“It's a very important achievement for Saffron to have moved into revenue producing commercial production at Bezzecca following completion of the commissioning and testing stage,” said Saffron chief executive Michael Masterman.

“Level A is now in production, producing above expected rates.”

Masterman said the company was looking forward to further increasing production in July when it moved to commingled production from all three levels.

“We are also on track to bring Sant'alberto on stream in Q4 2017 as well as actively seeking new opportunities to substantially increase revenue and production within the group.”