Tuktu Resources announces light oil discovery update in southern Alberta

Tuktu Resources Ltd. has reported significant production results from its new light oil pool discovery in southern Alberta. Over a 30-day period from August 17 to September 15, 2024, the well averaged 413 barrels per day (bbl/d) of fluid, with 408 bbl/d being oil. In the last week of this period, production increased slightly to an average of 417 bbl/d fluid, including 411 bbl/d of oil. The company holds an 80% working interest in the well, which has exceeded initial expectations for production rates in a vertically stimulated zone. During the first 11 days of production, the well demonstrated a high run-time efficiency of 93% and successfully produced 42% of the total load water introduced during fracture-stimulation operations. Initial oil production rates varied between 198 bbl/d and 399 bbl/d, with water-cuts decreasing to approximately 3% by the end of this initial phase. These results indicate a promising start for Tuktu's operations in the region. The company’s executive team expressed excitement over the initial production results, which are significantly better than anticipated. This discovery is crucial for Tuktu Resources as it seeks to enhance its production capabilities and overall business strategy in the competitive oil and gas market. However, the company acknowledges that forward-looking statements regarding future production and operational efficiency are subject to various risks and uncertainties. Factors such as operational reliability, market conditions, and regulatory changes could impact the company's future performance and production outcomes.