I spoke to management and they said a news release is being prepared but it will take a few more days as the wording of the release has to be approved of by all parties, Pemex, Lukoil, Marak Financial and the Board of Directors of ROE before it is released. Management did indicate that the drilling is completed on Number nine and they are drilling well ten.
Of the wells drilled they have all been completed under budget, drilling time has dropped to 12 days and that may have improved with the last well.
Two wells are on production, four others have been fracked and are producing but they are still getting the return of frack fluid so there is not an accurate number. Two others have been drilled and completed (I am not sure if that meant fracked.) Number 9 has been drilled but not fracked and they are now into number ten. The news release should give the details.
None of these wells are horizontal wells. They are directional in that they were drilled to target as many sand packages or oil producing zones as possible. They have hit from three to five oil producing zones in each well, and each zone is fracked. From what I could conclude it would seem that all are going to be put into production.
The fracking of each well takes about a week and then there is a period of frack fluid recovery before they can get an accurate reading on the actual oil production.
More later.