2nd Feb 2016 09:23
LONDON (Alliance News) - Red Rock Resources PLC on Tuesday said infrastructure upgrades have been completed at the Shoats Creek Field in Louisiana, while production has started at the LM20 well.
The completed work at Shoats Creek includes the installation of 5,400 barrel oil and water storage tanks, the installation of high and low pressure separators, heating, flare stacks and other production equipment, and the installation of associated pump and pipeline work.
Meanwhile, production has commenced at the LM20 well, in which Red Rock has a 20% interest.
"The news from the operator that production is now beginning represents a milestone for Red Rock as we can now become for the first time an oil producer, and from a low cost onshore well. We look forward now to the drilling of LM21 and LM22 to increase production from the field. This achievement brings what we hope will be a growing revenue stream to Red Rock as a more diversified natural resource company," Chairman Andrew Bell said in a statement.
Shares in Red Rock were trading up 0.7% at 0.377 pence on Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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