5th Nov 2019 14:09
(Alliance News) - Andalas Energy & Power PLC on Tuesday said well BTN 03 at the Betun Selo KSO project in Indonesia has been part back in production following workover operations.
The oil & gas firm said initial flow rates from the well are inconsistent. Andalas also has three other wells in production at Betun Selo.
The average gross production rate at Betun Selo in October was 119.3 barrels of oil per day.
BTN 01 delivered an average gross production rate of 35.7 barrels of oil per day in October. BTN 04 had an average gross production rate of 37.4 barrels of oil per day. October production in BTN14 was 24.7 barrels of oil per day, Andalas said.
Chief Executive Simon Gorringe said: "We are pleased with the progress at Betun Selo especially now that we have the production contribution from BTN03 supporting production from the other three wells. We look forward to seeing results from the maintenance initiative to improve uptime so that we exceed our target production rate of 150 barrels of oil per day (gross)."
Andalas shares were 12% lower at 0.15 pence each in London on Tuesday afternoon.
By Eric Cunha; [email protected]
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