Tuktu Resources updates on discovery well in Alberta, Sept 2024
- Tuktu Resources Ltd. reported average production of 394 barrels per day from its discovery well in Alberta's Deep Basin from September 15 to October 8, 2024.
- The well achieved this production rate with less than 1% water cut and approximately 3% associated gas, indicating strong performance.
- The temporary shutdown of the well aligns with regulatory practices aimed at conserving reservoir energy, reflecting Tuktu's commitment to sustainable operations.
On September 16, 2024, Tuktu Resources Ltd. announced strong initial production rates from its discovery well in the southern Alberta Deep Basin. Over a period from September 15 to October 8, the well averaged a significant 394 barrels per day with minimal water cut and a small percentage of associated gas. This performance suggests an increase in well capability as the drawdown decreased during the production period. Currently, the well is temporarily shut in, complying with regulatory procedures to ensure Good Production Practices for reservoir energy conservation. This step reflects the company's dedication to sustainable practices amid fluctuating commodity prices and the increasingly competitive oil and gas market. Tuktu, headquartered in Calgary, Alberta, is a junior oil and gas development company focused on optimizing its resources in a challenging industry landscape. The production test results, while encouraging, are preliminary and should not be interpreted as definitive indicators of future performance. With fluctuations in global markets, and competition taking shape, Tuktu’s management faces the ongoing challenge of maintaining stability and growth. The results from the discovery well represent a significant opportunity for the company to establish a more robust position within the sector, providing momentum for future development and investment.