On September 16, 2024, Tuktu Resources Ltd. (TSXV: TUK) provided an update on its recent light oil pool discovery in the southern Alberta Deep Basin, initially announced on July 30, 2024.
During the last 30 days of production from August 17, 2024, to September 15, 2024, the well averaged 413 bbl/d fluid (408 bbl/d oil). Over the last seven days of production from September 9, 2024, to September 15, 2024, the well averaged 417 bbl/d fluid (411 bbl/d oil).
The initial well test on July 28, 2024, indicated that the well tested between 327 to 383 bbl/d, with frac-water cuts decreasing to about 10%. From August 8, 2024, the well was placed on rod pump and began producing 31.4 API oil. During the initial 11-day period, the well had a run-time efficiency of 93%.
As of August 19, 2024, the well’s run-time efficiency increased to 99%, and light oil production stabilized at approximately 410 bbl/d with less than 1% water cut. The associated gas production remained relatively constant at approximately 64 mcf/d during this period.
Tuktu’s executive team is pleased with the initial production results, which have exceeded the Company’s expectations. The Company plans to continue monitoring well drawdown and other reservoir indicators to evaluate future development strategies for its available land sections.
For more information about Tuktu Resources Ltd., please refer to the contact details below:
Tuktu Resources Ltd.
960, 630 – 6th Avenue S.W.
Calgary, Alberta T2P 0S8
Attention: Tim de Freitas, President and Chief Executive Officer (phone: 403-478-0141); or Mark Smith, CFO and VP Finance (phone: 403-613-9661)
This press release may contain forward-looking statements and future-oriented financial information about Tuktu Resources Ltd.’s operations. Readers are cautioned that such information is subject to risks, uncertainties, and other factors that may affect the Company’s performance and results.
All amounts mentioned in this press release are in Canadian dollars unless stated otherwise.
