Edge Resources advances as drill programme produces above expectations

2nd Apr 2013 09:11

AIM-listed oil development company Edge Resources has reported that the first well in its Spring drilling programme in Asset East has been on production for the last 30 days and is producing 'better than expected'.The company reported that the well averaged approximately 50 barrels of oil per day (bopd) over the majority of the initial production period but had recently increased to over 60 bopd, with production fundamentals indicating further production increases are possible. In the early stages of production, the company said it was choosing not to produce the well at, or near, maximum capacity and was conservatively producing near the low end of the production range to promote stability.Brad Nichol, President and Chief Executive Officer of Edge Resources, commented: "This is an excellent result and supports a very large development program in Asset East. The discovery of three new oil pools was a significant development for the company; however, the continued successful delineation of the pools through our drilling programme is generating an even larger runway of drilling locations and, ultimately, more value for our shareholders."Edge Resources' share price was up 9.09% to 15p at 08:37 on Tuesday morning.MF