ESTIS#1 & LIPPINCOTT#17 - NEWS
On this project, both wells #2&3 are down due to mechanical issues, this means we need to bring in new equipment from outside so both wells can be brought back into production. Since we must have pulled the production rods on both wells, Pete and Sam have made the plan to carry out Gravel Pack on both wells in the same carryover, so as not to have to go back and do this work, and that in this way, we would like to increase production at wells to between 15-20 barrels of crude oil per day.
We are waiting to receive the exact cost per well for this work, but since this is a required work, everyone will have to participate in the cost that comes, whether it will be with a cash payment or the option to have their percentage ownership reduced and pay via this way, is still awaited.
At the moment we have +100 barrels of crude oil in our tank, which must be picked up to take off as Sam has fired DORADO due to lack of progress on our approvals and other delays that they have caused.
Our new oil buyer is the family owned company www.ergon.com a large family owned company in Louisiana.
It's never fun to have to change for the third time, but when cooperation doesn't work, you have to act.
This acquirer must also purchase all oil on the Lippincott#17 project.
The project is waiting for ERGON to get the last permits in order, in order to then start collecting oil from this project, which has now been a long time in the making, which all parties are very tired of. All wells are shut-in at present!
As soon as we have news about the projects, this will be posted on the website as always.
have a nice weekend