Date: 22 March 2022
ASX Code: WEL
Capital Structure
Ordinary Shares: 1,010,219,792 Current Share Price: 2.0c Market Cap: $20M Debt: Nil
Directors
Doug Holland
Technical Director/Chief
Operating Officer
James Allchurch Non-Executive Director
Larry Liu Non-Executive Director
Tony Peng Non-Executive Director
Lloyd Flint
Company Secretary
Contact Details
Australia
Level 1
10 Outram Street
West Perth WA 6005
Australia
PO Box 641
West Perth WA 6872
Australia
Tel: +61 8 9200 3743
Fax: +61 8 9200 3742
USA
4900 Woodway, Ste. 780 Houston, TX 77056
Tel: +1 713 333 0610
winchesterenergyltd.com
Gross revenue of US$813,652 (AUD$1.13M) for February 2022
- Winchester achieves US$813,652 (AUD$1,130,0721) in gross oil and gas revenue for the month of February 2022
- February 2022 revenue based on an average received oil price of US$91.75 per barrel - oil now over US$105 (West Texas Intermediate)
- White Hat 3902 workover will commence this week - anticipated to increase production
- Operations at Varn Project to commence in two weeks
Winchester Energy Limited (ASX: WEL) (Winchester or Company) is pleased to advise that gross February 2022 revenue from its lease position in the East Permian Basin, Texas was AUD$1.13M.
The impressive revenue number is despite: 1) February being a short month and; 2) a three- day shut-in of all wells as a result of icy weather (oil tanker trucks unable to access wells).
For the production and sale of 9,278 barrels of oil equivalent (boe), Winchester received US$813,652 (AUD$1.13M1) for the month of February 2022.
Net of royalties and severance tax, Winchester's net revenue for February 2022 is approximately US$571,304 (AUD$793,4781).
Winchester notes that the average sale price of oil in February 2022 was US$91.75 per barrel. The oil price during March has consistently exceeded $100 (WTI), which bodes well for revenue in the current month.
Winchester will this week commence an inexpensive well workover programme at White Hat 3902 with a view to increasing production.
Operations at the Varn Project will commence in two weeks.
-ENDS-
This announcement has been authorised for release by the Board.
1 Using exchange rate 1 AUD = 0.72 USD
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For further information, please contact:
James Allchurch
Director
T: +61 8 9200 3743
- admin@winchesterenergyltd.com
About Winchester Energy Ltd (ASX Code: WEL)
Winchester Energy Ltd (ASX: WEL) is an Australian ASX-listed oil and gas explorer and producer with its operations base in Houston, Texas. The Company has a single focus on oil exploration, development and production in the Permian Basin of Texas and has recently acquired the Varn Oil Field which comprises Proven and Probable Reserves (2P) of 1.068 million barrels of oil equivalent (mmboe) - comprised of over 93% oil (See ASX release of 3 December 2021.
Competent Persons Statement
The information in this report is based on information compiled or reviewed by Mr Keith Martens, consulting geologist/geophysicist to Winchester Energy. Mr Martens is a qualified petroleum geologist/geophysicist with over 45 years of Australian, North American and other international executive petroleum experience in both onshore and offshore environments. He has extensive experience of petroleum exploration, appraisal, strategy development and reserve/resource estimation. Mr Martens has a BSc. (Dual Major) in geology and geophysics from The University of British Columbia, Vancouver, Canada.
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Disclaimer
Winchester Energy Ltd. published this content on 22 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 March 2022 01:59:05 UTC.