It recently added another 20 barrels of oil per day (bopd) to its daily 60 bopd oil lifting rates, when it plugged the Rainosek-1 well into production only weeks after proving up the existence of the oil producing zone in the well.
Chairman Michael Evans said he hoped to achieve similar results from the company's upcoming drill program, targetting low risk, step out drilling which could be rapidly brought into production.
With the oil price at around US$26/bbl and gas at US$5.30 mcf, Rainosek-1 should add around US$30,000 per month to FAR's net cash flows.
Rainosek is a development project located in Lavaca County, Texas. The leasehold area comprises approximately 632 acres located on and to the southeast of the Word Field area and is covered by 3D seismic and includes the Rainosek-1, Rainosek-3 and Evans-1 wells and associated production equipment including tanks and pipelines. FAR has a 20% working interest.
