The next focusIR Investor Webinar takes places on 14th May with guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRed Rock Resources Regulatory News (RRR)

Share Price Information for Red Rock Resources (RRR)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 0.0475
Bid: 0.045
Ask: 0.05
Change: -0.0005 (-1.04%)
Spread: 0.005 (11.111%)
Open: 0.0475
High: 0.0475
Low: 0.0475
Prev. Close: 0.048
RRR Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Shoats Creek Operations Update

14 Jul 2016 09:00

RNS Number : 1317E
Red Rock Resources plc
14 July 2016
 

Red Rock Resources plc

("Red Rock" or the "Company")

Shoats Creek Operations Update

 

14 July 2016

 

Red Rock Resources Plc ("Red Rock" or the "Company"), the natural resource investment and development company, announces the following developments have been undertaken at the Shoats Creek Field:

 

Highlights:

 

· Lutcher Moore #20 ("LM20") now producing 100 barrels of oil per day ("BOPD") from the Frio formation - 20 BOPD net to Red Rock

 

· Recompletion of the Lutcher Moore #19 Well ("LM19") as a Frio producer now finished with well testing in progress

 

· Work on preparing the Lutcher More 21 ("LM21") for spud continues with a firm date to be announced in due course

 

· Lutcher More #15 ("LM15") passed a mechanical integrity test and can now be used for all on-site disposal of Shoats Creek salt water volumes

 

· Additional development opportunities have been identified in the field and a plan to begin and expand natural gas production and sales is in progress

 

Red Rock Chairman Andrew Bell states: "We continue field expansion with the low-cost LM19 recompletion now nearly ready for fulltime production. The operator continues to work to firm the spud date for the LM21 and several additional recompletions have been identified for further development along with a plan to add natural gas production via a local partnership in the area.

While development over the year has ended up being focussed more on cheaper recompletions than on new wells we expect production levels to continue to increase and meet out ultimate targets for the year. Shoats Creek continues to offer a variety of cost-effective development pathways to increased onshore US oil and gas production."

Lutcher Moore #19

 

As previously announced on 8 June 2016, the LM19 well has now been recompleted as a Frio producing well following a successful squeeze job at the 5030' level. The well was originally a production well in a deeper horizon, the Cockfield, and following internal analysis offered itself as a logical candidate to produce in the Frio.

In excess of 400 BBls of oil were recovered during initial operations, swabbing and testing, with a three-day average of approximately 40 barrels of oil per day under natural pressure. The oil cut in the LM19 is over 50% better than that achieved by the Lutcher More 20 well ("LM20") and the recovered volumes, thickness of payzone, and high oil cut gives the partners enhanced confidence in the quality of the Frio sands in this section of the field. The LM19 will be added to full production in due course.

Red Rock will have a 20% WI and 14.4% NRI in the well, and the Company's contribution to the well will be approximately $8k.

Lutcher Moore #21

Preparation for the LM 21 spud continues, where Red Rock will have a 20% working interest and 14.4% net revenue interest.

Additional Well Tests

Several existing well bores have been identified as having the ability to produce oil and gas and tested as follows:

 

- Lutcher Moore #14: 24-hour test, 40 barrels of oil per day and natural gas at rates of up to 2.5 MMcf/d

- Robert Cain #1: 72-hour test, 10-15 barrels of oil per day and natural gas at rates of up to 100 Mcf/d

- Robert Cain #2: 72-hour test, 30 barrels oil per day and natural gas at rates of up to 350 Mcf/d

 

Plans to initiate production from these wells are underway by the operator and Red Rock is in discussions to participate in these additional field developments.

 

Natural Gas Sales

 

The project management team is undertaking discussions to tie-in production of natural gas utilizing one of two existing tie-in points located at Shoats Creek Field. Once gas sales can be undertaken, additional exploitation opportunities of well bores with re-entry potential in gassier pay zones holds substantial potential to generate additional low risk, low cost revenue at Shoats Creek Field.

 

Qualified Person

 

The technical information that is contained in this announcement has been reviewed by Mr. Kevin Green, a Petroleum Geologist who is a suitably qualified person with over 30 years' experience in assessing hydrocarbon reserves and who has consented to the inclusion of the technical information.

For Further Information Contact:

Andrew Bell 0207 747 9990 Chairman Red Rock Resources Plc

Scott Kaintz 0207 747 9990 Director Red Rock Resources Plc

Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited

Jason Robertson 0129 351 7744 Broker Dowgate Capital Stockbrokers Ltd

 

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
DRLGGUGPMUPQGRW
Date   Source Headline
29th Apr 20248:19 amRNSUpdate
22nd Apr 20247:00 amRNSIssue of Equity, Directors' Dealings and TVR
11th Apr 20247:00 amRNSIssue of Equity
5th Apr 20247:00 amRNSDRC and Gold Assets Update
28th Mar 20247:00 amRNSHalf-year Report
13th Mar 20247:59 amRNSConditional agreement, Australian gold subsidiary
6th Mar 20247:00 amRNSDRC and Gold Assets Update
27th Feb 20247:00 amRNSCo-operation in Next Phase at Bilbale
20th Feb 20243:26 pmRNSHolding(s) in Company
19th Feb 20247:00 amRNSResult of AGM
14th Feb 202412:21 pmRNSDRC and Australia Gold Asset Update
7th Feb 20246:10 pmRNSHolding(s) in Company
5th Feb 20243:45 pmRNSDRC Arbitration Process Continues
2nd Feb 202410:24 amRNSAppointment of Consultant
24th Jan 20242:03 pmRNSReplacement: West African Gold Licences Update
24th Jan 20247:00 amRNSCentral and West African Assets
19th Jan 20247:00 amRNSNotice of AGM
20th Dec 20237:00 amRNSFinal Results
15th Dec 20232:05 pmRNSHolding(s) in Company
14th Dec 20237:00 amRNSIssue of Equity, Total Voting Rights
12th Dec 20231:27 pmRNSHolding(s) in Company
11th Dec 20234:53 pmRNSIssue of Equity and Update
28th Nov 20237:00 amRNSWest African Gold Licences - Update
17th Nov 20235:25 pmRNSResult of Meeting
15th Nov 20232:09 pmRNSLithium Update - Exports
14th Nov 20233:03 pmRNSAsset review - current developments
1st Nov 202312:07 pmRNSNotice of GM
19th Oct 202312:00 pmRNSConvertible Loan Note Issue: first tranche closing
13th Oct 20233:12 pmRNSCentral Africa Update and comment on share price
20th Sep 20237:00 amRNSLithium Samples - Zimbabwe
4th Sep 20236:28 pmRNSHolding(s) in Company
31st Aug 20235:54 pmRNSTotal Voting Rights
22nd Aug 20233:50 pmRNSExercise of Convertible Loan Notes, TVR
18th Aug 20234:08 pmRNSLithium Update - Zimbabwe
7th Aug 20237:00 amRNSConvertible Loan Notes extension, conversion, TVR
2nd Aug 20232:21 pmRNSHolding(s) in Company
3rd Jul 20233:37 pmRNSLithium Update - Zimbabwe
3rd Jul 20232:34 pmRNSHolding(s) in Company
30th Jun 20234:03 pmRNSHolding(s) in Company
22nd Jun 20237:00 amRNSIssue of Equity and Total Voting Rights
21st Jun 20234:00 pmRNSHolding(s) in Company
21st Jun 202310:16 amRNSIssue of Equity and Total Voting Rights
20th Jun 20233:49 pmRNSHolding(s) in Company
19th Jun 20231:29 pmRNSResult of AGM
19th Jun 202312:30 pmRNSHolding(s) in Company
16th Jun 20234:00 pmRNSHolding(s) in Company
16th Jun 20232:57 pmRNSGrant of First Cote D'Ivoire Licence
15th Jun 202312:00 pmRNSLithium Update
2nd Jun 20233:27 pmRNSHolding(s) in Company
2nd Jun 20232:48 pmRNSNotice of General Meeting

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.