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- Stonehorse Energy (SHE) shares enjoyed a temporary burst into the green on the back of an update from the company’s Jewell Well in the North American state of Oklahoma
- The well reached a production rate of 1238 barrels of oil equivalent at 85 per cent liquids per day
- Stonehorse estimates approximately 22 per cent of the stimulation fluid had been recovered thus far
- Stonehorse Energy shares were trading in the grey at 2.4 cents
Stonehorse Energy (SHE) shares enjoyed a temporary burst into the green on the back of an update from the company’s Jewell Well in the North American state of Oklahoma.
Stonehorse owns 50 per cent of the Jewell Well through Black Mesa Energy, a joint venture (JV) operation with fellow ASX-listed Brookside Energy (BRK).
In a statement to the market this morning, Stonehorse advised Jewell Well had recorded a daily production rate of 1238 barrels of oil equivalent at 85 per cent liquids per day during flow-back and stimulation fluid recovery operations.
Further to this, Stonehorse estimated approximately 22 per cent of the stimulation fluid had been recovered.
The company maintains that oil and gas rates are expected to continue to increase “steadily beyond these initial rates” over the coming weeks.
“To date, the Jewell Well has produced approximately 14,800 barrels of oil and 29,500 thousand cubic feet (MCF) of liquids rich gas, with oil trucked to a nearby pipeline terminal and gas transported via pipeline to a midstream gas processing plant for sale,” the company said in its statement.
Stonehorse Energy shares were trading in the grey at 11:37 pm AEST at 2.4 cents.
