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The latest update is out from Sacgasco ( (AU:AOK) ).
Australian Oil Company Limited has provided an operational update on its Californian operations, highlighting the successful flow of gas from Reclamation Board wells 7 and 8 at an average rate of 215 mscf/d. The company is reviewing technical and operational opportunities to leverage improved natural gas prices and is considering new ventures. A technical review of the Borba gas discovery revealed it to be uneconomic due to high nitrogen content and costly pipeline requirements, leading the company to deem the asset immaterial unless larger gas volumes are discovered.
More about Sacgasco
Australian Oil Company Limited operates in the oil and gas industry, focusing on exploration and production activities. The company is primarily engaged in operations within California, aiming to capitalize on natural gas opportunities.
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$3.01M
For a thorough assessment of AOK stock, go to TipRanks’ Stock Analysis page.