Prospera energy starts 2024 development program
Prospera’s 2024 development drilling program is set to begin in mid-July, and will focus on multi-pad medium-oil infill directional wells, infill development of two pools, and the initial drilling of a new pool.
Following the completion of the medium-oil wells, the horizontal transformation will be maintained in order to extract the large heavy oil reserves that remain. The other two key heavy oil characteristics, which have not been developed yet, are also being considered for multilateral development. Along with enhanced oil recovery (EOR), a pilot study is also underway to test the efficacy of improved recovery (IR) using horizontal wells and reservoir management.
The program is being financed through non-dilutive debt financing of $11 million. As part of White Tundra Investments business development initiatives supporting Prospera, assistance was provided in securing the investment from the investor group. White Tundra was not paid any finder’s fee in this transaction.
