The company aims to expand its portfolio of hydrocarbon resources as it prepares oil and gas projects for production and continues its regional exploration work.
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The well was drilled at the Rex target within the Point Loma Joint Venture (PLJV), Canada.
The company is focused on the prolific oil & gas producing Anadarko Basin in the US state of Oklahoma.
The company holds a 30% stake in the Wizard Lake Rex well.
The fields continue to generate positive cash contributions to the business with field operating costs at or below US$30 per barrel.
The company is a developer of global integrated compressed natural gas (CNG) projects.
The Kvanefjeld Project could be one of the world's largest producers of magnet metals.
The company revealed its maiden oil and gas reserves in early December 2018.
The company has a 30% stake in the Wizard Lake Rex well.
The exploration well, which has a target of 400mln barrels, is due to spud in just six weeks
Preparations for the 2019 conventional oil drilling program are underway with a scheduled start in mid-April or early-May after the rig contract was executed.
The well will undergo an extended flowback and testing program which will provide valuable information on the potential of the well.
The company is cashed up and carried through $20 million of exploration spend which puts it in a strong financing position.
The extended agreements will secure an equivalent of 2.3 million tonnes per annum of LNG.
The company is picking up projects in Indonesia where fallow fields present an opportunity.
43% of drilling and completion capital expenditure recovered in just three months.
The SNE oil field is estimated to contain 640 million barrels of 2C contingent resources.
The company forecasts that it will have more than $60 million in cash by the end of the year.
The well has already intersected a continuous reservoir section accompanied by excellent oil shows and elevated gas readings.
The yards have the technical capability to construct the ships and are capable of meeting pricing and schedule objectives.
The fraccing program is being undertaken with the aim of increasing the reservoir’s flowing area.
The rigorous tests are required to obtain American Bureau of Shipping full class design approval.
The company is evaluating drilling results from exploration in offshore West Africa.
Owning royalties is a proven and highly valued business model and High Peak has enormous potential in their portfolio.
The combined NPV10 of the reserve is US$12.5 million with forecast future net revenues of US$37.75 million.