Molopo Spuds Second Well at West Texas Oil Play

Molopo Energy Ltd. (ASX:MPO) announced that preliminary results from the first well at its Barnhart acreage, located in West Texas, have been as expected; as a result, the company has spudded a second well at the project.

As quoted in the press release:

The [first] well has been on gas lift for 16 days producing for a total of 299 hours. Through this period, cumulative production totaled 2,282 barrels oil, 3,598 mcf natural gas and 19,693 barrels of load fluid, and the load fluid recovered to date represents 14.8% of the total fluid. Over the last 24 hour period ending Aug 28 (North America), the well produced 525 barrels oil, 895 mcf gas and 1,171 barrels load fluid. Based on data obtained from the processing facility, anticipated sale NGL ratios are expected to be approximately 70-80 bbl / mmcf. The oil rate is continuing to improve as overall load fluid recoveries increase, and the initial clean up of the well is performing consistently with offset wells in the area.

Click here to read the full Molopo Energy Ltd. (ASX:MPO) press release.