Alpha Energy's Mustang oilfield hits first oil, say sources

ALPHA Energy Holdings, which was halted from trading on Tuesday, is set to announce that its Mustang oilfield project in Alaska's North Slope has hit first oil production and sales to an oil major, according to sources.

On Monday, shares of the loss-making Catalist-listed oil firm jumped 0.6 Singapore cent or over 20 per cent on Monday to finish the day at 3.4 Singapore cents.

The Business Times understands that the first oil involves the Mustang's North Tarn #1A well that was drilled and flow-tested two years ago. According to an announcement in July this year, the #1A has a peak rate of an average of 1,292 barrels of oil per day.