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- Black Mountain (ASX:BME) posts its quarterly results for September, concluding a successful fracking program at its lucrative acreage in the Permian Basin
- The company is gearing up for a busy 2024 in the WA Canning Basin
- The basin underpins the company’s Valhalla project, a domestic Australian gas exploration project
- Across Q4 of CY23, the company will also see its Half Moon sale settle – a move that won the company $10.7 million
- BME shares last traded at 2.2 cents
Black Mountain (ASX:BME) has reported its quarterly results for September, concluding a successful fracking program at its lucrative acreage in the Permian Basin.
The company noted its team is now progressing “early preparations” for a busy 2024 in the WA Canning Basin.
That basin underpins the company’s Valhalla project, a domestic Australian gas exploration project. It centres on an exploration permit previously held by Buru Energy and none other than Mitsubishi.
US focus to see off 2023
Works will kick off there through the year, but for now, the company’s MIA 64 FEE 2H well is the flagship asset of interest.
That asset sits within the Half Moon project, located in America’s hottest oil and gas province.
The well was drilled to a depth of 5.1 kilometres across the quarter with a horizontal fracture stimulation section stretching 3 kilometres.
Sale settlement
Across Q4 of CY23, the company will also see its Half Moon sale settle – a move that won the company $10.7 million.
Half Moon was sold off only eight months after the asset was purchased back in January for A$3 million (US$2 million).
In late July Black Mountain kicked off fracking at the Half Moon well, perforating the 3rd Bone Spring interval – a geological formation acting as a hydrocarbon reservoir underground.
It would sell it only weeks later.
Black Mountain is also to resubmit environmental review paperwork to the WA State Government allowing works to progress.
BME shares last traded at 2.2 cents.
