Real Energy has its sights on flow test results
1 minute read
Cooper Basin focused oil and gas company, Real Energy Corporation Ltd (ASX:RLE) is progressing well with a workover rig now on site of Tamarama 2.
The company has 100% ownership in two large permits in Queensland, being ATP 927P and ATP1194PA.
The workover rig has installed production tubing in Tamarama 2 and will start installing production tubing in Tamarama 3 in the next few days.
Gas flows to surface have been observed during the initial flowback period in both Tamarama 2 and 3.
Once the production tubing has been installed, the post-frac cleanup flow and gas flow test operations will resume and the company will report the flow test results to the market.
Potential market moving news imminent
Based on progress to date, news regarding flow test results is likely to be released in the next few weeks, suggesting there could be near-term market moving news.
There appears to be a sense of anticipation surrounding these developments with the company’s shares increasing 12% from 8.4 cents to a recent high of 9.4 cents over the last fortnight.
Scott Brown, managing director of Real Energy said, “Operations are progressing to plan on both wells and we are very encouraged with their performance to date.
“We look forward to reporting gas flows for these wells as we move this project closer to production.”