Phoenix Global Resources PLC (LON:PGR) has begun crude production from the Mata Mora concession in Argentina’s Neuquén province.
Output came was the company’s first horizontal muti-fractured wells at Mata Mora.
IPhoenix stated that 34,273 barrels of light crude, classed as ‘test volumes’, were produced in July from two Mata Mora wells.
During testing each well saw production rates of around 1,000 barrels oil equivalent per day and crude oil output was described as ‘ramping up’.
“The results of our first two long lateral wells completed in the Mata Mora are encouraging in terms of the development potential of the block,” said Javier Vallesi, Phoenix chief operating officer.
“The wells remain in an early stage of the flowback process with circa 8% of the frac water recovered to date.
“The flowback phase has been extended to obtain additional well performance data and to allow further optimisation of the wells. We expect to be able to update the market in relation to the calculated initial production rates and performance against planned type curves during Q4”