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Real Energy Corporation Ltd successfully completes fracture stimulation

Published: 17:00 27 May 2016 AEST

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Real Energy Corporation Ltd (ASX:RLE) has moved a step closer to unlocking the value from its Cooper Basin acreage after it completed the five-stage fracture stimulation program at its Tamarama-1 well in the Cooper Basin, Queensland.

The program went as per plan and without any environmental or safety incidence. Halliburton (NYSE:HAL) Australia, Real’s main contractor, tested the Toolachee and Patchawarra formations below the 2,300 metres level.

The Cooper Basin is renowned as the country’s prime onshore oil and gas province.

Real will benefit from its 100% ownership of the acreage in this area and the growing demand for natural gas in Australia’s Eastern States.

Real’s Cooper Basin portfolio has an estimated total mean gas of 13.76 trillion cubic feet (TCF) and a maiden 3C (a measure of the quality of contingent gas resources) gas resource of 672 billion cubic feet (BCF). These estimates are based on the area surrounding its two successful wells, namely Queenscliff-1 and Tamarama-1.

The company is well-financed to meet its exploration activities, having cash of $10.15 million as at end of March against a market capitalisation of $26 million.

Shares in Real are currently trading at $0.13, up from $0.07 in mid-February.

 

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