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Jadestone Energy pumped out first oil from its Stag 49H infill, boosting the company's aim to deliver 1.2m barrels of incremental 2P oil reserves.
First oil was achieved on May 21 and, following a brief clean-up period, the well was now producing at a rate of 1,400 barrels of oil a day, confirming the company's confidence in delivering 1.2 millions barrels of incremental 2P oil reserves, Jadestone said.
'The 49H infill well further validates our re-investment thesis and serves to enhance near-term cash flow, reduce unit opex and extend the productive life of the field,' said Paul Blakeley, President and CEO.
'Moreover, we have enhanced our understanding of the reservoir, which plays into further drilling opportunities, and we continue to seek new opportunities to add value to the asset, particularly as we begin to realise economies of scale with our other Australia operations.'
At 9:34am: (LON:JSE) Jadestone Energy Inc Com Shs Npv Di share price was +0.25p at 56.75p