11th Jun 2015 09:45
LONDON (Alliance News) - Northern Petroleum PLC said Thursday its Well 100/16-19 in north west Alberta, Canada, is now producing, with Well 102/15-23 still forecast to be restarted in the third quarter of 2015 after maintenance on the pipeline by a local operator.
Well 100/16-19 is expected to produce at between 75 and 100 barrels of oil per day, Northern Petroleum said, dependent on future reservoir performance and associated water production.
Work on Well 102/15-23 is expected to take four to six weeks, after which production will restart with a planned initial product rate of around 150 barrels of oil per day.
"It is an important achievement to re-establish production with an operating configuration that will maximise net back and cashflow in the current oil price environment," said Chief Executive Officer Keith Bush in a statement.
Shares in Northern Petroleum are trading down 3.2% at 8.35 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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