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 of the net revenue interest from every producing well.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Morgan Stanley, Frasers settle UK lawsuit over US$1 billion margin call
Venture posts lower Q1 net profit of S$60.1 million on weaker demand
YHI International COO and subsidiary charged with alleged failure to ensure employee safety, causing death
India's markets regulator puts seven Adani companies on notice for violations
Singapore stocks end week in red; STI down 0.1%
UK's FTSE 100 hits record highs on Anglo-American boost