Permex Petroleum Corporation announced the successful results obtained from the recompletion of a previously shut-in oil well on its West Henshaw property in Eddy County, New Mexico.
The results are from well #6-10 on the West Henshaw property, which is one of the 69 shut-in wells Permex currently owns, and represent the second successful well recompletion by the Company this year. The Company's re-entry and re-stimulation programs involving Company's the wells on the West Henshaw property began in January 2022, and are targeting the Grayburg formation at a depth of 2,850 feet. The recompletion of well #6-10 was successful and came online at an initial rate of 15 barrels of oil per day and now has stabilized at 10 barrels of oil per day. Management believes the production rates from this mature, long-life well, will continue with less than 5% decline year on year. The remaining 67 shut-in wells that the Company plans to re-enter may have potential to yield similar results increasing the Company's total daily production solely by re-entering shut-in wells.