Total
0
Shares
Image Sourced ShutterStock
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Winchester Energy keep seeing great results at its Texas well White Hat, recently announcing an expected 306 barrels of oil per day
  • Management owed the ongoing success to 3D site analysis technology, causing for fast tracked nearby expansion for low-risk oil drilling
  • The well is currently producing at a rate of 265 to 342 barrels of oil per day for an estimated 90 per cent oil cut

Winchester Energy boosted a massive 36.4 per cent this morning after announcing positive results from its oil operations in Nolan County, Texas.

As part of ongoing news, from the White Hat Ranch Well, in which Winchester has 75 per cent interest, the company will be expecting 306 barrels of oil per day after completion of recent fracking.

A steady increase of oil was observed and a decision to put the well on pump was made. The pump is currently producing at a rate of 265 to 342 barrels of oil per day with an estimated 90 per cent oil cut. Oil sales have already begun.

Company Managing Director Neville Henry says the ongoing success at White Hat is owed to the utilisation of 3D data analysis on site.

“We hope to extend the play further to the north and south and expect a series of large basin-floor sand lobes to occur within the Mustang Prospect area,” Neville said.

Winchester is currently formulating a development plan for continuing assessment of nearby, low-risk locations close to White Hat.

“This should see Winchester steadily expand its oil production and cash flow and with the El Dorado and Spitfire Prospects representing yet more genuine upside for the Company,” he said.

The White Hat prospect is part of the company’s total 17.402 net acres of oil and gas leases in Texas, USA.

Shares in WEL closed last week at 2.20 cents each. This morning’s news has Winchester Energy shareholders enjoying a 36.4 per cent increase, boosting shares to three cents each. The company’s market cap remains at $9.118 million.

WEL by the numbers
More From The Market Herald

" Argosy Minerals (ASX:AGY) progresses Rincon Lithium Project

In a company update, Argosy Minerals (AGY) said it remains on track to achieve first commercial production at the Rincon Lithium Project, located
National Tyre & Wheel (ASX:NTD) - CEO & Managing Director, Peter Ludemann

" National Tyre & Wheel’s (ASX:NTD) subsidiary acquires Access Alloys

National Tyre & Wheel’s (NTD) subsidiary, Dynamic Wheel Co, has acquired certain assets from 4×4 wheel specialist Access Alloys.

" State Gas (ASX:GAS) further progresses Central Queensland gas assets

State Gas (GAS) has further progressed its activities at the Reid Dome and Rolleston-West gas projects in Central Queensland.

" Traffic Technologies (ASX:TTI) secures $3m streetlight order

Traffic Technologies (TTI) shares are in the green after securing a $3 million contract to supply LED streetlights in Tasmania.