The junior explorer said production at the oil field had stabilised at a rate of 1560 barrels of oil per day (bopd), now that the last two wells – Selmo-43 and S40 – have been completed.

Output from S43 has increased 300% to 112bopd, thanks to the newly discovered oil-bearing Limestone Formation, according to Incremental.

“Production development from the Limestone section is confirmed, and opens up a new, previously unrecognised oil-bearing formation for the field,” the company said.

The six-well USR program involved re-entering existing vertical wells, targeting horizontal completions with the aim of boosting production.

But the project took 50%, or four to six months, longer than expected to complete. This pushed the total project cost up to $5.03 million, which Incremental describes as “significantly greater than the original budget expectations” of about $4 million.

Looking ahead, Incremental said a workover program was now starting at the field and it was planning new wells for drilling in the new year.