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Red Rock Resources PLC sees exceptional return on investment

Red Rock Resources PLC's (LON:RRR) investment in the Shoats Creek project in Louisiana was made on extremely conservative assumptions, such as an oil price at $30 a barrel, chairman Andrew Bell tells Proactive.
Production has been much higher than the project's partners expected, “maybe by as much as 70%”, and, of course, the oil price has recovered this year, to around $40 a barrel. No wonder the company is looking forward to this year's work programme on the field, which was unveiled on Thursday morning.
It is planned to drill and complete three new producing wells this year, and to do additional geophysical and engineering work to add high-grade potential locations. With the new wells “we're almost getting into something where the cost is in single figures in terms of cost per barrel,” Bell said. The return on investment should be exceptional, Bell believes.

Quick facts: Red Rock Resources PLC

Price: 1.145 GBX

Market: AIM
Market Cap: £11.14 m

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on 05/19/2020

2 min read