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Oil Search Limited (ASX:OSH) excavates and is into the production of the gas and oil through its activities in Papua New Guinea. The company has via a recent ASX release stated the appraisal & drilling update for the December 2018. The drilling update was concerned with the âMuruk 2â well. The concerned well is located at the PDL 9, Highlands, PNG- approximately 11 km north west of the Muruk 11. The drilling at the well started at the 10 November 2018. The well is situated in the High Arctic Rig 104. The objective of this drilling is to constrain the potential resource volumes in the field.
During the month of December 13-3/8-inch casting was done, and the well was drilled through the leru formation in a 12-1/4-inch hole. At the conclusion of the month, the well was dug at a depth of 3,130 meters and 9-5/8-inches casting was being run prior to drilling ahead in 8-1/2 hole. The forward plan is to continue drilling through the leru formation towards the target Toro formation.
For the well Pikka B, which is located at the Pikka Unit Alaska north slope. The well was spud from the 31st December 2018 at the Doyon arctic fox rig. The objective of this drilling is to constrain the potential resource volumes in the field. During the month, construction of ice road and ice pad were completed, allowing the mobilization of the rig to the well site, the drilling for which commenced as on the 31 December 2018.
For the well Pikka C, which is located at the Pikka Unit Alaska north slope. The well is expected to be spud from the late January in the year 2019 at the Nabors 105E rig. The intention of this drilling is to reduce the uncertainty in the well deliverability by âdrilling a proof of conceptâ development type well. During the month, construction of ice road and ice pad were completed, allowing the mobilization of the rig to the well site.
As per the quarterly update released by the company during the Q3 2018, Gross production came in at the levels of 7.5 million barrels of oil equivalent (mmboe). Thus, showing a hike of 39% over the second quarter production. These levels are closer to the level of 7.6 mmboe which were recorded before the earthquake. The PNG LNG Project achieved annualized production rates of 8.9 Metric Tonnes Per Annum for the quarter, 9.0 Metric Tonnes Per Annum for September and a daily rate of 9.2 Metric Tonnes Per Annum. These are the best ever rates achieved since the Project came onstream in 2014. The companyâs -operated production continued to improvise and thus expected to be progressively restored over the coming months.
Let us now have a look at the performance of stock today. On January 03, 2019, Oil Search Limited ended the session in green. The stock price of the company stood at A$7.120 per share which implies the OSH has encountered the rise of A$0.080 per share or 2.594%. The market capitalization Oil Search stood at ~$10.57 billion and the stock price of the company is trading towards the lower level. Let us now see how the stock has performed in the previous few months. In the time span of the previous six and three months, the stock delivered the return of -21.49% and -23.33%, respectively.
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