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…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
US: Wall St opens higher as more earnings roll in
GE Aerospace raises earnings goal on strong engine sales
BRC Asia to buy 19.9% of steel reinforcement company for S$16 million
Lockheed Martin reports higher sales on strong defence demand
UOI reports 67% surge in Q1 profit before tax to S$8 million, driven by favourable market conditions
Euro at highest to yen since 2008, markets nervy over Tokyo stepping in