- Red Rock Resources said it has identified a new low-cost recompletion opportunity at the LM19 well, Shoats Creek. It added that it would update on a spud date for the LM21 well.

Chairman Andrew Bell commented:

""There have been development delays since production began earlier this year and the original spud date for the LM21 was not met, but the investor group has been quick to assess and seize the new opportunity at the LM19.

"As the operator gains experience, we expect to improve operational effectiveness, while retaining this flexibility and entrepreneurial drive.

"The LM19 recompletion is a low cost and low risk attempt to exploit established Frio pay and add inexpensive and meaningful production to the project.

"We look forward to the results of this effort and to updating the market on quarterly production and the spudding of LM21.

"The 2016 work programme at Shoats Creek is focussed on driving production growth by taking advantage of current low drilling and development costs, and with improved oil prices this should flow through directly to the Company's bottom line."

At 8:59am: [LON:RRR] Red Rock Resources PLC share price was 0p at 0.55p

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