Permex Petroleum CEO Mehran Ehsan joined Steve Darling from Proactive to share news the company has announced the closing of a brokered private placement amounting to 7.5 million U.S. dollars. Ehsan telling Proactive funds will be used for drilling and completion of oil & gas wells, rework, stimulation optimization of shut-in wells. Ehsan also shared Permex has obtained successful results from the recompletion of a previously shut-in oil well on its West Henshaw property in New Mexico. Ehsan said the well came on-line at an initial rate of 30 barrels of oil per day and now has stabilized at 15 barrels of oil per day. The remaining 68 shut-in wells that the company plans to re-enter have potential to yield similar results increasing the company's total daily production solely by re-entering shut-in wells.
Permex Petroleum closes 7.5 million brokered private placement
