Loyz Energy says its 20% stake in an oil producing concession in the Phetchabun Basin, Thailand, is expected to contribute positively to the company. The concession, which comprises three new wells, and a fourth well being appraised, delivered a combined production rate in excess of 4,000 barrels of oil per day (bopd) on testing, with gross field production at 9,466 bopd as at July 1.
Loyz says the total well capacity is 10,000 bopd, total production will likely be set at the 4,000 to 6,000 bopd level for the rest of 2015 to manage reservoir performance and value for the long term. Managing director Adrian Lee says the new wells helped Loyz to achieve earnings before taxes of US$13.3 million in FY2015, a key target of the business. Loyz looks forward to the second phase of the drilling programme in the later part of 2015, which will be fully funded by cash flows from the ongoing production at its other concessions in Thailand.
Loyz hopes to continue boosting its reserves using its geological knowledge from its drilling programme in Thailand. It has also reduced costs to pursue new opportunities, it says.
Loyz closed 9.5% higher at 4.6 cents on Friday.
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Loyz says the total well capacity is 10,000 bopd, total production will likely be set at the 4,000 to 6,000 bopd level for the rest of 2015 to manage reservoir performance and value for the long term. Managing director Adrian Lee says the new wells helped Loyz to achieve earnings before taxes of US$13.3 million in FY2015, a key target of the business. Loyz looks forward to the second phase of the drilling programme in the later part of 2015, which will be fully funded by cash flows from the ongoing production at its other concessions in Thailand.
Loyz hopes to continue boosting its reserves using its geological knowledge from its drilling programme in Thailand. It has also reduced costs to pursue new opportunities, it says.
Loyz closed 9.5% higher at 4.6 cents on Friday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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