Red Rock Resources plc

Published : June 08th, 2016

Shoats Creek Update

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Growth | London | Market | Natural Gas | Oil | Water |

Shoats Creek Update

RNS Number : 5642A
Red Rock Resources plc
08 June 2016

Red Rock Resources plc

("Red Rock" or the "Company")

Shoats Creek Update

8 June 2016

Further to the announcements of 24th March 2016, and 5th May 2016, Red Rock announcesan update on the 2016 work programme at the Shoats Creek Field in Beauregard Parish, Louisiana.

Highlights:

· Identified new low cost recompletion opportunity at LM19 well

· Re-entry at LM19 completed in Frio Sands - 10 Feet of targeted pay

· Successful LM19 adds multiple potential new drilling locations

· Await verified quarterly production figures for the project

· Updated spud date for high priority LM21well

Red Rock Chairman Andrew Bell comments:"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."

Re-entry and Recompletion of Lutcher Moore 19 ('LM19') Well

The operator has completed a re-entry and recompletion of the Lutcher Moore 19 well, targeting production from the Frio formation. Re-entry of this well did not form part of the 2016 work plan, but on new advice and analysis a decision to proceed immediately with this initiative was made. Key factors were the low expected cost of re-entry and recompletion, and the potential to add meaningful reserves and production. The squeeze job (cement job to isolate the targeted Frio formation) is complete and the operator intends to perforate and swab the well this week. Updates to the economic viability and sustainable production rates from the well will be announced in due course.

A successful recompletion will potentially add several drilling locations to the inventory of viable Frio drilling locations at the Shoats Creek Field and total cost of the effort is expected to be around $40k, or approximately $8k to Red Rock. Red Rock will have a 20% working interest and a 14.4% net revenue interest.

Lutcher Moore 21 ('LM21') well

Preparatory work to drill the Lutcher Moore 21, in which Red Rock will have a 20% working interest and a 14.4% net revenue interest, as an offset to the Lutcher Moore 8 ('LM8'), is proceeding. The originally forecast spud date of around the middle of May was delayed by a number of regulatory and other factors that have since been remedied. An announcement on the revised spud date will follow.

The LM8, which was originally drilled to 9136' in 1950 and completed in the Cockfield-5 formation, initially produced 185 barrels of oil and 185 thousand cubic feet per day of natural gas with no water. The logs indicate Frio pay from 5029'-5036'. The LM21 will be located to the northwest of the LM8 to position it structurally higher in the formation with the hope of intersecting a thicker payzone than the LM8 encountered.

Quarterly Production Update

Production and sales of oil continue and the Company awaits verified and finalized production and sales data from the operator for the production period to date, following which a further announcement will be made.

Qualified Person

The technical information that is contained in this announcement has been reviewed by Mr. Kevin Green, a Petroleum Geologist who is a suitably qualified person with over 30 years' experience in assessing hydrocarbon reserves and who has consented to the inclusion of the technical information.

For further information, please contact:

Andrew Bell0207 747 9990 ChairmanRed Rock Resources Plc

Scott Kaintz0207 747 9990 DirectorRed Rock Resources Plc

Roland Cornish/ Rosalind Hill Abrahams0207 628 3396 NOMADBeaumont Cornish Limited

Jason Robertson0129 351 7744 BrokerDowgate Capital Stockbrokers Ltd


This information is provided by RNS
The company news service from the London Stock Exchange
ENDMSCFMGGVVRFGVZG
Read the rest of the article at www.publicnow.com

Red Rock Resources plc

EXPLORATION STAGE
CODE : RRR.L
ISIN : GB00B0CQLF79
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Red Rock Res. is a gold and iron exploration company based in United kingdom.

Its main exploration property is MIGORI GOLD in Kenya.

Red Rock Res. is listed in Germany and in United Kingdom. Its market capitalisation is GBX 28.2 millions as of today (US$ 32.9 millions, € 30.8 millions).

Its stock quote reached its highest recent level on April 11, 2014 at GBX 9.87, and its lowest recent point on April 25, 2024 at GBX 0.06.

Red Rock Res. has 503 658 124 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Project news of Red Rock Resources plc
4/23/2015Australian Associate interest in Sugar Dragon
5/15/2011Red Rock Resources Plc
5/15/2011Red Rock Resources Plc
Corporate news of Red Rock Resources plc
7/28/2016Acquisition of Further Interest in Goldstone
7/28/2016Shoats Creek Update
7/14/2016Audited results for the year ended 31 December 2015
7/14/2016Shoats Creek Operations Update
7/13/2016Annual Results
6/20/2016Second Price Monitoring Extn
6/20/2016Price Monitoring Extension
6/16/2016Directors Dealings
6/14/2016Cancellation and Re-issue of Options
6/8/2016Shoats Creek Update
5/17/2016Holding(s) in Company
5/11/2016Update - Colombia
5/5/2016Transaction completion and operational update
4/29/2016Financing, Directors Dealings and TVR
4/14/2016Director/PDMR Shareholding
4/13/2016Holding(s) in Company
3/24/2016Shoats Creek Update
2/2/2016Infrastructure and production at Shoats Creek
2/1/2016Grant of Options and Directors' Shareholdings
2/1/2016Total Voting Rights
1/29/2016Partial sale of holding, update
1/22/2016Share Incentive Plan and Directors' Dealings
1/20/2016Investment
1/2/2016Total Voting Rights
12/30/2015Holding(s) in Company
12/21/2015Result of AGM, Board change Capital reorganisation
12/18/2015Director/PDMR Shareholding
12/16/2015Loan Repayment and Update
12/14/2015Issue of Equity
11/5/2015Update on Star Striker Ltd
10/28/2015Option to Invest in Shoats Creek
10/19/2015Holding(s) in Company
10/9/2015Convertible Note Conversion
10/5/2015Update; Restructuring
9/21/2015Operations Update
9/7/2015Convertible Loan Note
9/2/2015Total Voting Rights
7/27/2015Holding(s) in Company
7/16/2015Holding(s) in Company
7/13/2015Final Tranche of Subscription Shares
7/9/2015Update on Subscription and Directors' Dealings
7/8/2015Investment and Share Subscription
6/30/2015Board Changes
6/30/2015Update on Resource Star Ltd
6/26/2015Update
6/26/2015Option to invest in Elephant Oil Limited
4/23/2015Convertible Note Conversion
4/21/2015Holding(s) in Company
4/14/2015Share Incentive and Directors' Dealings
4/14/2015Attendance at UK Investor Show
4/14/2015Columbian Gold Assets - Sale Agreement
4/7/2015Convertible Note Conversion
4/7/2015Holding(s) in Company
4/7/2015Total Voting Rights
4/7/2015Loan Repayment and Convertible Note Conversion
3/16/2015Director/PDMR Shareholding
3/16/2015Update and Placing
3/16/2015Holding(s) in Company
3/16/2015Convertible Note Conversion and Issue of Equity
3/16/2015Update
2/20/2015Update
1/30/2015Issue of Convertible Loan Note
1/30/2015Ivory Coast and Colombia Update
1/2/2015Total Voting Rights
12/30/2014Result of AGM, Capital Re-organisation
12/30/2014Holding(s) in Company
12/10/2014Issue of Equity and TVR
2/5/2013new website now live
12/6/2011News Release
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
LSE (RRR.L)FRANKFURT (R2T.F)
0.056-1.75%0.001+0.00%
LSE
GBX 0.056
04/25 13:37 -
-1.75%
Prev close Open
0.057 0.057
Low High
0.055 0.060
Year l/h YTD var.
0.055 -  0.100 -20.00%
52 week l/h 52 week var.
0.055 -  0.250 -68.89%
Volume 1 month var.
4,503,393 -20.00%
24hGold TrendPower© : 2
Produces
Develops
Explores for Gold
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 11/26/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2024-59.42%
2023-55.48%0.400.12
2022-41.51%0.690.25
2021-49.52%1.350.38
2020144.19%1.200.10
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.75+0.52%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 10.92-1.71%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.55-0.36%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.06-8.33%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.38-3.64%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 15.32+0.46%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.24-2.08%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.19+0.00%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 1.77-1.12%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 52.10-0.89%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :