The company, which today reported proved reserves worth US$31mln, told investors that its net production measured 257 barrels oil equivalent per day up from 150 boepd on April 1.
Growth in production is a result of new wells coming online with a higher level of participation by the AIM oil and gas firm.
Net proved reserves have been reported as 719,000 barrels of oil and 2bn cubic feet of gas, which has a discounted net asset value of US$31.83mln.
At the same time, the measure of net proved and developed reserves was set at 162,000 barrels of oil and condensate with 540mln cubic feet of gas, valued at US$9.14mln. It was one of a mixed bag of annoucements from the small cap oil sector this week.
The well is continuing through the clean-up process and the well continues to flow back light oil, gas and frack water.
While the gas is being flared, oil produced from the well is being transported and sold to a nearby refinery for a price described by Oilex as being similar to Bonny Light Crude – the Nigerian ‘high grade’ benchmark.
For starters, Falcon gets an immediate A$20mln cash boost.
Falcon denied former partner Hess an extension when it stalled on an investment decision last September.
As the American oil firm failed to pull the trigger on a proposed five well programme, Falcon took back full ownership and launched a fresh farm-out process.
Just under a year later and Falcon has now completed the tie-ups with local operator Origin Energy and South African gas-to-liquids specialist Sasol.
Analysts at GMP Securities say this new partnership deal is better.
The spudding of a new horizontal well in western Siberia kick starts a busy period for AIM-quoted PetroNeft (LON:PTR).
Having unshackled itself of problem debts, the company is hoping for something of an Indian summer.
A rig crew has already been dispatched to the Tungolskoye field and drilling is set to get underway this week.
The well, tagged Tungolskoye No.5, is effectively a proof of concept for a planned roll out of horizontal drilling across the undeveloped oil field.
PetroNeft has high hopes that the horizontal well, the first to be drilled across its licences, will yield better rates than the existing vertical production wells at the Arbuzovskoye field, which at the moment operate at 100 to 150 barrels per day.
Tunisia focused oil and gas junior Independent Resources (LON:IRG) advanced almost 5% on Monday last week after reaching an important regulatory milestone for the Ksar Hadada project.
IRG has now received an extension to the Ksar Hadada licence until April 2016.
At the same time the company’s new position as project operator has been rubber-stamped and its stake in the project increases to 86.345% from 19%.
Government approval has effectively cleared the way for the mirco-cap oil and gas firm to re-start exploration and development work at Ksar Hadada – where a recent estimate identified 108mln barrels of oil equivalent ‘in place’ resources with a net value of US$263mln.
It follows the positive results from the group's most recent FTG (full tensor gradiometry) survey, which identified five structural features, of varying sizes, from 30 kms to over 100 kms, in the Mandera and Anza basins.
Those findings will now be used to fine tune plans for a 2D seismic programme, which in turn will be used to select drilling locations.
Simba chief executive and president Robert Dinning highlighted that significant activity activity is already underway surrounding Block 2A.
Three wells are scheduled to be drilled and completed this year: Sala-2, in which Africa Oil has a 50% stake, Badada-1, where Premier Oil (LON:PMO) has a 55% interest and Khorof-1, in which Afren has an 80% interest.