First oil production in the US for Loyz Energy

UPSTREAM oil and gas firm Loyz Energy has started its very first oil production, marking a new source of revenue stream.

The group said yesterday that a well in North Dakota in the US had reached a stable production of 50-60 barrels of oil a day.

The Schlak #3 well is part of an agreement between Loyz Energy and Fram Exploration, an associate of Catalist-listed Rex International, to drill 80 onshore wells in Colorado and North Dakota. Under an agreement signed last year, Loyz Energy receives 20 per cent…