Cloudbreak Discovery PLC on Tuesday noted its G2 Energy Corp investee enjoyed record oil output in March.
Cloudbreak, Vancouver, Canada-based natural resource project generator, holds 4.2 million common shares and a $2.0 million convertible debenture in G2 Energy, an oil and gas producer which owns the Masten Unit in Texas.
Cloudbreak reported that G2 Energy achieved a record high production of 3,022 barrels of oil equivalent in March, with a projected gross revenue of $180,822 and a projected net revenue of $137,130.
Chief Executive Officer and Director of G2 Energy said: ‘The production stabilisation is a direct result of our team focusing on and executing the production enhancement plan. We particularly like the low-risk, low-cost element of steady growth that we are seeing in the field.
‘In concert with the steady growth we are seeing, we are also pleased with the restructuring of our board and management and continue to work on streamlining the corporate operations to make G2 more efficient overall. With the active involvement of Claremond and Cloudbreak we will also continue to evaluate additional acquisition opportunities as they arise.’
Cloudbreak, alongside Claremond, has financed a well workover programme for G2 Energy, which is due to be completed in April. A 15% increase in overall production is estimated as a result of this programme.
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