24th Jul 2019 14:23
(Alliance News) - Polo Resources Ltd on Wednesday said Hibiscus Petroleum Berhad's subsidiary SEA Hibiscus Sdn Bhd has drilled and completed the SJ-105A well.
Polo Resources holds 8.8% interest in Hibiscus Petroleum.
The SJ-105A well is the first of three infill wells being drilled as part of the St Joseph infill drilling project in Malaysia.
The SJ-105A wellbore was drilled as a horizontal well consisting 2,400 feet of horizontal section which encountered 1,000 feet of oil in the targeted reservoirs of the St Joseph oil field. The SJ-105A well was subsequently brought online and achieved a stabilised production flowrate of slightly above 1,000 barrels of oil per day, exceeding expectations.
Looking ahead, Hibiscus said two more oil production wells are currently being drilled at St Joseph oil field, which will be followed by three new oil production wells and one water injection well in the SF30 oil field.
Polo shares were trading 0.8% lower on Wednesday in London at 3.80 pence each.
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