UPDATE: Winstar Updates Tunisian Production; Shares Gain 6.5% Late Morning
Winstar Resources Ltd. (WIX.TO) today updated its Tunisian production.
The Company's daily production is within its range of expectations, as reported on March 13, 2013. During that past week, Winstar's daily production has ranged from 1,350 to 2,050 net boepd. Variability in daily production is reflective of workover logistics and variations in natural gas nominations, at the Chouech Essaida Concession, from STEG (the Tunisian National Utilities Company). The Company estimates its current stabilized production at 1,600 to 1,700 boepd.
This rate does not include incremental production expected from Chouech Essaida Triassic Well # 11 (CS #11) which is now expected to be completed before the end of April 2013, Winstar said. The successful recompletion of CS #11 is anticipated to increase daily production to 1,800 to 1,900 boepd. Current production also does not include, approximately 80 boepd from the Sanrhar Concession, which remains shut-in due to its location and related logistical issues. There continues to be no estimated date, for the resumption of production at the Sanrhar Concession.
The installation of a surface pump at Chouech Essaida Silurian Well # 10 (CS Sil #10) was completed in early April 2013. To date, pumping actives have generated what is interpreted to be formation water which invaded the Triassic reservoir, with some traces of gas, which is consistent with the company's expectations. Pumping is expected to continue for several weeks, if not more, to hopefully establish oil production from the virgin, or the not invaded, portion of the Triassic TAGI Formation, Winstar said in a statement.
Shares are up 12 cents (6.38%) to $2.00 late morning.
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