pine pasture 2 producing up to 500bpd

PRC has to-day announced that Pine Pasture#2 is going into production at a rate of 700-1000 bpd of fluids that will be cut 30-50% of oil. That will give TEX a ramp up in oil production of 50-100 bpd. A pump to handle this rate has been ordered and the well will then be put into production. At US$100 per barrel that will give TEX (255 interest) cashflow of US$5,000-10,000 per day / 150-300,000 per month /US$450,000 - 900,000 per quarter.

June quarter cashflow was $238,000. This will jump into the range of A$750,000 to A$1,200,000 per quarter.

IMHO the operators will soon press on with a new well on the project along with several water disposal wells. Assuming that the third well is like the first two on the structure, that should push revenue numbers up to A$1,250,000 to A$2,100,000 per quarter.

TEX is getting ready to go to the next stage, which I assume is larger / more U.S. projects and possibly South America as well (pun intended). Good luck to all longs.