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Point Loma Resources starts producing from Nordegg well

Monday, January 9, 2017 10:01
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(Before It's News)

Point Loma Resources Ltd (CVE:PLX) has told investors that production is now underway from the Nordegg pool discovery well in the West Cove area of central Alberta.

In a statement it said that the well, tagged 5-31-55-6W5M, has been producing since December 22 and it added that the group production rate averaged at 570 barrels oil equivalent per day, comprising 58% oil and natural gas liquids.

This represents a higher than forecast production mix of liquids versus natural gas which will yield better netback on production.

The company noted that during this period two wells were offline, and it is continuing to optimise its existing base production.

Operations continue with the next well tie in – for the Thorsby 11-18-49-1W5M Glauconitic well – is due in early 2017, it is working to re-activate previously suspended production (amounting to 120 barrels per day), and it is preparing new drilling operations also slated for the first half.

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/171352/

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