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Planet’s press statement indicates that all is in place for the commencement of commercial production.
According to PGS, “Six of the twelve wells have been perforated, and the balance will be perforated during April.”
The final water retention dam was nearing completion, electric power mains are to site and reticulated to all wells and the field gas gathering system is in place.
“As a result, as a prelude to the commencement of gas production, dewatering of the wells is scheduled to commence in this month,” added PGS.
Under the terms agreed upon between both companies, Kennedy solely funded all 12 wells in return for a 50%-60% working interest. PGS, prior to payback will receive a 1.5% gross royalty at the wellhead.
