29th Oct 2013 11:59
LONDON (Alliance News) - Edge Resources Inc. Tuesday said it intends to commence a further drilling programme after positive production at its Eye Hill East well in Canada.
The oil and natural gas development company said production at its Eye Hill East well last month averaged more than 130 barrels of oil per day with peak production of over 150 barrels of oil per day after the company's previous report showed an increase to 100 barrels of oil per day.
Edge Resources said its water-to-oil ratio is very low for the area and has been steadily decreasing to below 40% Tuesday.
The company said that based on the positive production results it is planning a winter drilling programme and has licenced a number of wells to enable a minimum of two locations to be drilled in Eye Hill prior to the end of the year.
Edge resources shares were up 5.6% to 8.05 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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