Roxi Petroleum said results from Well #142, and previously Well #141, are exactly as it had hoped for.
“At an appropriate juncture these results will be passed onto Gaffney Cline so that they may review their reserves estimate attributable to the MJF structure,” the company said.
“Since our last update (on Well #142), an interval between 2,201 meters and 2,208 meters has been perforated and from which the well is testing at a rates between of 215 and 290 bopd using a 8 mm choke,” it added.
“As previously announced Well 142 is a material step out well, located 1.8 km to the north east of well 143 and therefore it has potential to confirm a significantly larger scale for the MJF structure.
“Importantly, the interval perforated is in the same horizon as those producing at wells 141 and 143. We therefore believe the structure at MJF extends to an area of approximately 10 km2.
“The two wells previously drilled and testing on the MJF structure, 143 and 141, are respectively producing at the rates of 479 bopd and 631 bopd using 6 mm and 7 mm chokes. Aggregate gross production from the MJF is therefore up to approximately 1,400 bopd. In total production from BNG, is now up to approximately 1,567 bopd.
“The price at which we are able to sell our oil under the provisions of our licence has also increased (compared to the low point of some $10 per barrel) by some 60% to approximately $16 per barrel. Income from oil sales is being used to fund the drilling and testing programme at BNG.”
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