Freedom Oil and Gas Limited (ASX: FDM) has come forward and made an announcement about the drilling of the wells with the help of press release. According to the press release issued, the company had managed to drill 9 wells with regards to the continuous drilling program. Referring to these 9 wells, the press release issued by the company stated that Vega 1, 2 and 3 wells which have been situated on Wilson East pad have managed to wrap up the high-intensity completion operations. These three wells have also started flow-back operations. Also, with regards to these three wells, the company stated that they would be producing the water in the starting before they go for producing the oil and gas.
Coming to the other wells, the six wells which have been drilled and haven’t been completed happens to be on Hovencamp North pad. However, as per the press release, the completion with respect to the six wells have started and there are expectations that the completion would be witnessed in 40 days. The drilling operations of the six wells have been done, on an average, in lower than 10 days per well. These wells have been drilled around 6,500 feet in terms of vertical depths. With regards to horizontal lateral length, these have been drilled around 7,500 feet. However, the press release published by the company also stated that the drilling rig is now turned towards new Wilson West pad and is starting drilling operations of 3 Noroma wells.
The Chairman, as well as CEO or Chief Executive Officer of the company, stated positive views about the news. According to him, the company is on track in term of its drilling and completion program which is ramping up at a robust pace because of the company’s accuracy as well as expertise with regards to the operations. With the company’s focus on effective completion as well as drilling activities and with the help of high-intensity completion procedures, Freedom Oil and Gas Limited has been able to work towards its cost management.
As per the EGM Presentation which was made in September 2018, Freedom Oil and Gas Limited stated that reserves, expected production as well as operating cash flow are expected to rise. The presentation also stated that the company had managed to place the entire team of the management as well as necessary capabilities.
Let us now have a quick look of Freedom Oil and Gas Limited’s stock performance. The stock of Freedom Oil and Gas Limited closed the session today on the negative note. The stock price of the company settled at A$0.130 per share which implies that the stock has fallen A$0.005 per share or 3.704%. The market capitalization of Freedom Oil and Gas Limited stood at $145.4 million. The stock price of the company is trading towards the lower range. In the time span of previous one month, the stock delivered -15.63% return.