Plasma Pulse Sustains 85% Production Increase in First Kuwait Well Treatment Documented by Society of Petroleum Engineers (SPE) White Paper
HOUSTON, TX--(Marketwired - Nov 5, 2015) - Propell Technologies Group, Inc. (OTCQB: PROP) (the "Company") and Novas Energy North America (NENA) the U.S. provider of a plasma pulse based enhanced oil recovery technology, today announced the successful plasma pulse treatment (PPT) of the first oil well for the Kuwait Oil Company ("KOC").
The results, as documented by the SPE report (SPE-175264-MS) include a sustained increase in production of 85%.
From the report:
Well RA-000A prior to treatment showed a production rate of 196 bopd. After successfully executing the PPT the well was production tested after one month and showed a stabilized production rate of 363 bopd, an increase of 167 bopd, or 85%. In addition to this, immediately after plasma application, nearby well RA-000B, which is 400m away from this well observed 81 psi increase in pump intake pressure.
The report's abstract may be found here: https://www.onepetro.org/conference-paper/SPE-175264-MS
"In the past we've been prevented from disclosing results due to non-disclosure agreements with operator customers, thus we're pleased to receive such validation from this objective study," commented John Huemoeller II, Propell CEO. "In addition to the incremental production, we are especially excited about the treatment's effect on nearby wells, an effect that we suspected but is now verified and documented."
Sales inquiries may be directed to Plasma Pulse EVP of Sales, Jim McGowin at 281-639-7468 or firstname.lastname@example.org
ABOUT PROPELL TECHNOLOGIES GROUP
Propell Technologies Group (http://www.propell.com/), through its joint venture, Novas Energy North America (NENA) sells and services a patented oil well treatment which is designed to improve well production cost effectively and without acidization, hydraulic fracking or other chemicals. Plasma Pulse Technology uses impulse waves created by a down-hole plasma arc to clear near well bore damage, improve permeability, and reduce viscosity, thereby enhancing production and recovery.
This press release includes forward-looking statements of our current expectations and projections about future events. In some cases forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," and similar expressions. These statements are based upon current beliefs, expectations and assumptions and are subject to a number of risks and uncertainties, many of which are difficult to predict and include statements regarding the contribution to be made by Mr. Stankievech and the expected results to be derived from NENA and its use of the technology. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from those reflected in our forward-looking statements include, among others, our ability to find suitable acquisitions, fuel our growth and effectively operate the JV and the other factors described in our on Form 10-K for the year ended December 31, 2014, and any other filings we may make with the SEC. The information in this press release is provided only as of the date written, and we undertake no obligation to update any forward-looking statements contained in this press release on account of new information, future events, or otherwise, except as required by law.
(November 5, 2015 - 8:33 AM EST)
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