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Red Rock Resources PLC says LM20 well validates Shoats Creek potential

Red Rock Resources PLC updated on production rates at the LM20 well at Shoats Creek
Red Rock Resources PLC says LM20 well validates Shoats Creek potential
Oil is being produced at the well.....

Resource investor Red Rock Resources PLC (LON:RRR) said production rates at the LM20 well at Shoats Creek in  Louisiana validate the potential of the field.

After technical changes, the well is now producing and has been tested at a rate as high as 325 barrels of oil per day.

Operator Shoats Creek Development, however, said it plans to produce the well consistently at between 200 and 225 BOPD (barrels of oil per day).

Notably, the well is also generating natural gas of more than 250,000 cubic feet a day (Mcfd),  not currently being sold.

Partners, including Red Rock and Northcote Energy (LON:NCT), have plans to sell natural gas alongside bringing production from the next two wells to be drilled online and are in discussions with parties about the infrastructure and access to pipelines.

Red Rock chairman Andrew Bell told investors: "The results of LM#20 validate the potential of Shoats Creek where a number of high grade drilling locations have been identified. 

"The strong well performance, modest cost to drill and complete and flat production profile of a Frio well at Shoats Creek allows for economic development at current oil prices and planning and work continues with a view to the next phase of development.

"We expect to be issuing further announcements which will go into detail regarding the timing, drilling location and financing of future phases."

Red Rock directly owns a 20% working interest (WI) and 14.4% net revenue interest (NRI) in the well.

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