Oil, Gas and Consumable Fuels
Company Overview of Andora Energy Corporation
Andora Energy Corporation engages in the development and production of heavy oil resources from the prolific oil sands deposit in the Peace River District in the province of Alberta, Canada. The company was incorporated in 2004 and is based in Calgary, Canada. As of September 25, 2006, Andora Energy Corporation operates as a subsidiary of Pan Orient Energy Corp.
1505 505 3rd Street SW
Calgary, AB T2P 3E6
Founded in 2004
Key Executives for Andora Energy Corporation
Chairman and Chief Executive Officer
President, Chief Operating Officer and Director
Co-Founder and Vice Chairman
Co-Founder, Vice President and Corporate Secretary
Compensation as of Fiscal Year 2016.
Andora Energy Corporation Key Developments
Andora Energy Corporation Provides Update on Steam Assisted Gravity Drainage Oil Sands Project
Feb 23 16
Pan Orient Energy Corp. on behalf of its 71.8% owned subsidiary Andora Energy Corporation, is providing an update for Andora's Steam Assisted Gravity Drainage ("SAGD") oil sands project at Sawn Lake Alberta, Canada. Bitumen production in 2016 at the Sawn Lake Demonstration Project has reached a steady state production level over the past seven weeks of 606 barrels per day ("BOPD") (303 BOPD net to Andora) with an instantaneous steam-oil ratio ("ISOR") of 2.2 from the one SAGD wellpair. Bitumen production, on a 100% basis, averaged 596 BOPD with an ISOR of 2.2 in January and has averaged 620 BOPD with an ISOR of 2.1 during the first 21 days of February. A December 31, 2014 contingent resources report by Sproule Unconventional Limited assigned the following values to the demonstration project SAGD well pair as 2016 averages: Low Case of 242 BOPD with an ISOR of 5.7; Best Case of 345 BOPD with an ISOR of 4: High Case of 449 BOPD with an ISOR of 3.1. The demonstration project commenced bitumen production in September 2014 and has successfully captured the key data associated with the objectives of the demonstration project. The demonstration project has: demonstrated that the SAGD process works in the Bluesky formation at Sawn Lake; established characteristics of ramp up through stabilization of SAGD performance; indicated the productive capability and ISOR, and provided critical information required for well and facility design associated with future commercial development. Given the current low price environment for bitumen, Andora and its joint venture partners have decided to suspend the Sawn Lake Demonstration Project operations at the end of February 2016. This decision considers the expectation that extremely low bitumen prices may continue for some time and the estimated time required for approval of the 3,200 BOPD expansion application at the demonstration project site, which is being submitted in March 2016. It is expected that a reactivation of the demonstration project facility and wellpair would be considered as part of a potential commercial expansion to 3,200 BOPD. An expansion is dependent on regulatory approval, completion of detailed engineering and a higher commodity price environment to support project economics and financing. Work continues with respect to submitting the expansion application, and updating the Sawn Lake reservoir model and contingent resource report to incorporate the results of the demonstration project. Production results to date are not necessarily indicative of long-term performance or of ultimate recovery and the Sawn Lake demonstration project has not yet proven that it is commercially viable.
Pan Orient Energy Corp. and Andora Energy Corporation Provide Update on the Sawn Lake, Canada, Steam Assisted Gravity Drainage Demonstration Project
Sep 17 14
Pan Orient Energy Corp. provided an update on the Sawn Lake, Canada, steam assisted gravity drainage (SAGD) demonstration project on behalf of Andora Energy Corporation. Andora has a 50% working interest in the Sawn Lake, Alberta SAGD demonstration project, and is the operator. The first step towards determining the commercial viability of the SAGD recovery process at Sawn Lake is for the demonstration project to provide an indication of the productivity of the reservoir and the amount of steam injection required to produce the bitumen, which are key components in assessing the potential for SAGD development at Sawn Lake. For Phase 1 of the SAGD demonstration project, one SAGD well pair was drilled in the fourth quarter of 2013 to a depth of 650 meters and has a horizontal length of 780 meters. Construction of the facility for steam generation, water handling and oil treating was completed in the second quarter of 2014. Steam injection commenced May 21, 2014 to warm up the reservoir and establish communication between the SAGD steam injection well and the SAGD producing well which are five meters apart. During the past 10 days the SAGD producing well has been recompleted for production with the installation of an electric submersible pump and a fibre optic data gathering string and the reservoir has been reheated through the resumption of steam injection by the SAGD injector well. On September 16, 2014 bitumen production commenced. It is anticipated that a stable daily bitumen production rate and associated steam oil ratio will be achieved within the next six to eight weeks, at which time Pan Orient will provide an update to shareholders.
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