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New Stratus Energy Announces an Operations Update from Goldpillar & Corporate Update
Calgary, Alberta--(Newsfile Corp. - March 4, 2024) - New Stratus Energy Inc. (TSXV: NSE) (" New S...
About this update from New Stratus Energy Inc
[{"type":"text","content":"New Stratus Energy Announces an Operations Update from Goldpillar & Corporate UpdateCalgary, Alberta--(Newsfile Corp. - March 4, 2024) - New Stratus Energy Inc. (TSXV: NSE) (\"New Stratus\", \"NSE\" or the \"Corporation\") is pleased to announce an update from GoldPillar International Fund SPC Ltd. (\"Goldpillar\"), on activities in the Lido-Limón and Oficina fields, assigned to the joint venture Petrolera Vencupet S.A. (\"Vencupet\"), of which Goldpillar is a shareholder with a 40% stake (giving NSE a 20% interest). During the first two months of 2024, two reactivations were carried out on the LZ-621 and NG-522 wells, both located in the Lido-Limon field by replacing and connecting the mechanical pumps, currently both wells remain operational. Total accumulated production at Vencupet for January 2024 was 3,589 barrels of medium crude oil (23.4 degree API). In February 2024, the accumulated production was 2,317 barrels of similar oil, with the difference from the prior month being some maintenance that was required on one of the existing production lines that has now been completed. As of March 4, 2024, the aggregate production at Vencupet from the first two reactivated wells is 260 barrels of medium crude oil per day (bopd).The reactivation program will continue in earnest for the first quarter of 2024 with wells OG-271, OS-95, NZ-211, NS-803 and NS-806 in the Oficina Central and Lido-Limon fields, all scheduled to be reactivated, with the objective of reaching aggregate production at Vencupet of approximately 1,000 bopd during the next two months.Goldpillar now has all the technical, operational and administrative personnel in position to continue executing the 2024 investment plan that contemplates the reactivation of 36 additional wells in addition to the 7 wells itemized above, with the goal of achieving production at Vencupet of approximately 3,500 bopd by the end of 2024 operating under the highest standards of safety and environmental sustainability. Corporate UpdatesAs at February 24, 2024, the Corporation had CAD$35.4 million ($0.28/share) of working capital and CAD$41.1 million ($0.30/share) of adjusted working capital, the difference being the inclusion of 12.6 million in the money warrants ($0.45) expiring in July 2024.In addition, the Corporation continues to advance the previously announced acquisition opport...