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Sacgasco ( (AU:AOK) ) has provided an announcement.
Australian Oil Company has taken operational control of the Emu Apple field in PL 264 and PL 30 following completion of its acquisition from ADZ Energy and OGT Energy. The handover includes existing surface facilities, which have been inspected and deemed serviceable at current operating levels with no immediate environmental or upgrade requirements.
Current production at Emu Apple 1 is about 20 barrels of oil per day with a 30% water cut, and the company expects its first oil lifting of around 200 barrels within the next fortnight, supported by a sales agreement in progress. Internal technical reviews are under way to optimise pumping performance and operating parameters, while suspended wells Emu Apple 2 and Emu Apple 3 and additional mapped prospects offer potential for future production increases and broader field development.
The most recent analyst rating on (AU:AOK) stock is a Sell with a A$0.01 price target. To see the full list of analyst forecasts on Sacgasco stock, see the AU:AOK Stock Forecast page.
More about Sacgasco
Australian Oil Company (ASX:AOK) is an energy producer focused on onshore oil assets in Queensland, Australia. The company operates and develops petroleum leases including PL 264 and PL 30, targeting near-term oil production through field optimisation and reactivation of existing wells and infrastructure.
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$3.15M
For detailed information about AOK stock, go to TipRanks’ Stock Analysis page.