Molopo Australia, a company engaged in petroleum exploration and production of coalbed methane (CBM), has completed its first month of oil production and sales as an operating company in Canada.
Production from ten wells represented a modest 2,150bbls gross or 70b/d gross, representing a revenue stream of about C$0.16m in the 30-day period.
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Molopo intends to expand existing oil production in the coming months through the recompletion of a small number of existing wells and development trials of new horizontal wells.
Recompletion activity is expected to start within the next week with new wells to commence drilling in late November or early December 2009.
Initial production results should be available early in 2010.
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By GlobalData
