AJ Lucas Group update oil flow from Balcombe

Company News

by Rachael Jones

AJ Lucas Group (ASX:AJL) says that Angus Energy - as the operator of the Balcombe licence, reports the well test of the Balcombe-2Z’s Kimmeridge Layer as having naturally flowed at 853 barrels of oil per day equivalent, not including 22.5 per cent water.

The Balcombe Field Discovery, which encompasses the Balcombe licence, is considered to be in the ‘sweet spot’ of England’s Weald Basin given the 568 metre thickness and highest maturity of the Kimmeridge Layers.

The Balcombe licence operations are performed conventionally through the naturally fractured Kimmeridge layers without a need for hydraulic fracturing or “fracking”.

Shares in AJ Lucas Group (ASX:AJL) are trading flat at $0.21.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.