Linc Energy (ASX: LNC) is developing underground coal gasification and gas to liquids projects in Australia, China and the United States along with conventional oil and gas operations in Australia and the U.S.
Linc Energy triples Texas oil and gas production
Friday, February 15, 2013 by Bevis Yeo(ASX: LNC) has in less than 12 months, tripled oil production at its Texas assets to 6,307 barrels of oil equivalent as on 31 December 2012.
Production for the quarter ended 31 December 2012 was about 3,784 barrels of oil equivalent.
During this period, Linc drilled eight wells and completed five of them with the other three to come online during the third quarter of 2013.
Seven of the eight new drilled wells were in the Barbers Hill field in Chambers County, Texas and the remaining well is in the Hoskins Mound field, located in Brazoria County, Texas.
Linc also recompleted 12 existing wells during the quarter. Nine of these wells were in the Barbers Hill field.
The increase in production allowed the company to post earnings of $13.6 million for the quarter.
In Alaska, the 100 mile snow road into Umiat from Pump Station 2 has been completed and rig mobilization is nearing completion.
The 100-man camp has been installed at Umiat and is supporting crews on location. The conductor pipe and cellar box have been installed at the DSP=11 well location and are currently being installed at a second well location.
An ice road is currently under construction leading to the Umiat-23 well location. Linc expects to begin drilling its initial well in February 2013.
The information gained from Phase I of the Winter Drilling Program will help to validate the geological model, further define the extent of the reservoirs, determine oil and rock properties for input into a reservoir simulation model, determine comparative production rates for horizontal and vertical completions and gather information on deeper reservoirs and resource potential.
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