RE: RNS3 Jun 2024 07:10
"Stewart MacDonald, Incoming CEO of the Company, said:
"Having safely drilled the SCHB-2 sidetrack and installed the ESP, it is disappointing a sustained flow rate has not yet been achieved. Whilst pressure build up data, to be obtained in the coming days, will provide clarity, the initial response from the reservoir appears disappointing. Following reconnection to the production facility, a long-term stabilised flow rate should be established. We remain convinced that Erfelden is a material and potentially highly valuable onshore oil discovery with Best Estimated recoverable reserves of 7.2mmbbl. The Company will now consider its options to maximise the value of the resource we have discovered."