Advertisement

Production rises at Silvermere Energy's Mustang Island field

Shares in AIM-listed oil and gas exploration and development company Silvermere Energy rose after the company unveiled an operational update on its Mustang Island 818-L field in the Gulf of Mexico.

Shares in AIM-listed oil and gas exploration and development company Silvermere Energy rose after the company unveiled an operational update on its Mustang Island 818-L field in the Gulf of Mexico.

The company reported that total production and sales of gas recorded during the month were 11.5m standard cubic feet, representing a 32% increase month-to-month and total production of oil of 1,845 barrels, representing a 4% increase month-to-month.

Advertisement - Article continues below

Silvermere Energy reported that the well was flowing for 73% of the time in February, which it described as a "significant improvement" in the previous month. Flow rates were restricted at times, it said, due to partial obstruction of the choke with drilling mud and debris as well clean-up continued.

The company reported that oil produced during January and February had not yet reached the shore installation and sales meters due to slow flow rates in the 20" line at the high pipeline operating pressure. It said that the operator had advised that it intended to reduce pipeline operating pressure to increase flow velocities in the pipeline and thereby to deliver first oil sales.

Silvermere owns a 16.66% working interest in the I-1 well at the 818-L field and a 33.33% working interest in future wells on the leases.

Andy Morrison, Chief Executive Officer of Silvermere, commented: "We are pleased to note the improvements achieved during February 2013 which keep us on track to deliver flow rates in line with previous projections. The clean-up is continuing and we look forward to further progress with operations in March."

Silvermere's share price was up 1.92% to 6.62% at 11:48 on Tuesday.

MF

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/broker-safety-your-questions-answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Visit/economy/inflation/601584/the-end-of-the-bond-bull-market-and-the-return-of-inflation
Inflation

The end of the bond bull market and the return of inflation

Central bank stimulus, surging post-lockdown demand and the end of the 40-year bond bull market. It all points to inflation, says John Stepek. Here’s …
30 Jun 2020
Visit/investments/commodities/gold/601587/bullish-gold-price-cup-and-handle-chart-pattern
Gold

This chart pattern could be extraordinarily bullish for gold

The mother of all patterns is developing in the gold charts, says Dominic Frisby. And if everything plays out well, gold could hit a price that invest…
1 Jul 2020
Visit/investments/property/601606/house-prices-crash-uk-property-prices-falling-where-next
Property

House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020