StockMarketWire.com - Upstream oil and gas company Phoenix Global Resources announced initial crude oil production from its first wells at the Mata Mora concession in the Neuquén province.

During the month of July 2019, the company produced a total of 34,273 barrels of Mata Mora light crude from the two Mata Mora lateral wells.

'These two wells satisfy the company's initial licence commitment for the concession, the company said.

Both Mata Mora wells were drilled earlier in the year and were unconventionally completed in the La Cocina horizon of the Vaca Muerta formation in June 2019, the company said.

In testing to date, each Mata Mora well had seen production rates of approximately 1,000 boepd with reservoir pressure in excess of 9,900 psi. Crude production from both wells continued to ramp up as oil displaces water during the ongoing flowback process, the company added.

The company also said it was in the process of evaluating the results of the wells as flowback continues as part of an extended well test and expected to be able to announce the results in Q4 2019.



Story provided by StockMarketWire.com