AusTex Oil Ltd. (ASX: AOK) reported stable production rates for July and August from its operations in Oklahoma and Kansas.
Average daily production levels for July and August have stabilized at levels in line with management's expectations.
In the last 60 days, AusTex has brought two vertical wells on pump, a further three vertical wells have been drilled, fraced and are awaiting completion with two wells to be fraced, one of which is to be done overnight. This rate of development is expected to deliver a significant and material increase in production rates from October onwards.
AusTex's management team is confident that such an active well development program will lead to a significant increase in production in the near term. This is evident from the average daily production that increased to 408 BOE/d. This is a result of only one new vertical well, the Blubaugh #20-1, coming online.
Recommended Reading
Range Resources Holds Production Steady in 1Q 2024
2024-04-24 - NGLs are providing a boost for Range Resources as the company waits for natural gas demand to rebound.
Hess Midstream Increases Class A Distribution
2024-04-24 - Hess Midstream has increased its quarterly distribution per Class A share by approximately 45% since the first quarter of 2021.
Baker Hughes Awarded Saudi Pipeline Technology Contract
2024-04-23 - Baker Hughes will supply centrifugal compressors for Saudi Arabia’s new pipeline system, which aims to increase gas distribution across the kingdom and reduce carbon emissions
PrairieSky Adds $6.4MM in Mannville Royalty Interests, Reduces Debt
2024-04-23 - PrairieSky Royalty said the acquisition was funded with excess earnings from the CA$83 million (US$60.75 million) generated from operations.
Equitrans Midstream Announces Quarterly Dividends
2024-04-23 - Equitrans' dividends will be paid on May 15 to all applicable ETRN shareholders of record at the close of business on May 7.