LONDON (ShareCast) - (Sharecast News) - Upstream oil and gas company Andalas Energy and Power updated the market on its operations on the Betun Selo KSO on Tuesday, in which it has a production interest further to the agreement announced on 21 June and was currently undertaking a four-well workover programme on the project.
The AIM-traded firm said the workover of the BTN 03 well was completed at the end of October, with the well now having been put into production.

It said initial flow rates remained inconsistent, and as a result the firm was set to provide an update once these were at stabilised rates.

The other three wells were producing at an average gross production rate for October of 37.5 barrels of oil per day at BTN01, 37.4 barrels of oil per day at BTN04, and 24.7 barrels of oil per day at BTN14.

Andalas said the field delivered at an average gross production rate for October of 99.3 barrels of oil per day, with a maximum from the three wells of 119.3 barrels of oil per day.

The board said the company's focus for the coming month would be improving field uptime, by undertaking a field equipment maintenance programme.

A further announcement would be made once the company has achieved stable production from BTN03 and the other three wells.

"We are pleased with the progress at Betun Selo especially now that we have the production contribution from BTN03 supporting production from the other three wells," said chief executive officer Simon Gorringe.

"We look forward to seeing results from the maintenance initiative to improve uptime so that we exceed our target production rate of 150 bopd gross."

As at 1405 GMT, shares in Andalas Energy and Power were down 11.47% at 0.15p.

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