logo-loader

Global Petroleum says 60 day output from second Eagle Ford well 24pct ahead of first well

Last updated: 08:35 11 Nov 2011 GMT, First published: 09:35 11 Nov 2011 GMT

no_picture_pai

Global Petroleum (LON:GBP) reported that 60 day oil and gas production from the second Eagle Ford shale well in Texas in which it has an interest was 24 percent higher than output from the first well.

The company today relayed a statement from project operator Texon Petroleum (ASX:TXN), which said the Tyler Ranch EFS No.2H well produced 38,677 barrels of oil and 31.33 million cubic feet of gas over 60 days.

The average daily production rate from the well reached 732 barrels of oil equivalent per day (boepd).

Texon has also corrected previously reported production figures for the well for the first 30 days, saying that average output rate from Tyler Ranch EFS No.2H was 817 boepd and the mistake occurred due to a faulty oil meter.

While this figure below the initially reported rate of 1,000 boepd, it still represents a 23 percent increase over the 30 day average from the first Eagle Ford well.

Global Petroleum has previously reported that the second Eagle Ford well has a higher flowing pressure than the first well.

Global has a 7.939 percent working interest (WI) in 1,651 acres beneath the Olmos formation including the Eagle Ford shale. Global's interest in the Leighton prospect also includes a 15 percent WI in around 873 acres.

Back in October, Global Petroleum appointed consultants Albrecht & Associates to seek buyers for its interest in the Olmos production and related leases, which form part of the Leighton Project. The company said that it will retain its Eagle Ford production and related leases in the area.

In early September, Peter Hill took over as chief executive and managing director of Global Petroleum. Hill said that the company’s immediate focus would be on its assets offshore Namibia. Back in August, Global purchased Jupiter Petroleum Limited - furthering its bid to position itself as an Africa-focused explorer.

Jupiter Petroleum holds prospective oil and gas exploration interests in offshore Namibia and in offshore Juan de Nova - a French dependency in the Mozambique Channel.

Investors welcomed today’s production figures as shares in Global rose two percent to trade at 11.88 pence, valuing the company at £23.2 million.

Global Petroleum exploring for new opportunities under new revitalised board

Global Petroleum Ltd (AIM:GBP) executive chairman Daniel Page highlights the company's strategic direction and future plans in an interview with Proactive's Stephen Gunnion. The UK-listed exploration company is undergoing a significant restructuring, led by Page and the new board since their...

on 16/2/24