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Payday?

  1. rdncoic

    3,332 Posts.
    34
    Dear Sir
    Canadian River Project in Production
    The Company (Delecta; ASX code DLC) is pleased to announcement that the Wise 1-25
    oil and gas well in Oklahoma, USA, has commenced production. The salt water disposal
    well (SWDW) has been successfully drilled and completed, fully permitted for water
    disposal and is now completely operational.
    The Wise 1-25 is producing from the Viola formation and is naturally flowing. The
    operator is slowly opening the choke with the anticipation that the well will eventually
    quit flowing allowing them to retrieve the bridge plug (between the Viola and Wilcox
    formations), after which an electric submersible pump will be installed and production
    will commence from both the Viola and Wilcox formations.
    The Company will advise when the Wilcox formation adds to the production and will
    report flow rates from the well when consistent reliable production rates are available.
    Delecta has an 80% working interest and a 58% net revenue interest in the Wise 1-25
    well. The interest in the well and the right to participant in additional wells as part of the
    Canadian River Project, is subject to an option to sell to Paynes Find Gold Limited (ASX
    code PNE). Shareholders of both Companies have approved the transaction and
    completion is subject to Paynes Find Gold Limited raising a minimum of $4 million.

    Regards
    Malcolm Day​
    Managing

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