Molopo Energy Limited (“Molopo” ASX:MPO) is pleased to advise...

Molopo Energy Limited (“Molopo” ASX:MPO) is pleased to advise that the Roche Percee 16-34 well, located in Saskatchewan, Canada, has recorded an average 30 day production (IP30), of 335 bopd gross (42-44 API sweet crude) based on field estimates. This compares to the initial natural flow back rate of 200 bpd of oil, as reported in our October 2011 Operational Update.
The well has been on pump for approximately 2 weeks and is currently producing ~ 600 bopd gross on pump. The oil cut was approximately 80% oil at the end of the well’s first 30 days.
CEO Ian Gorman commented that “These are exceptional results for the Taylorton Bakken area, and we are very pleased. The well has recovered approximately a quarter of its costs since commencing production.”
“Notwithstanding this excellent IP rate, we are also cautious not to extrapolate the performance of this well across the remainder of our Bakken acreage, as production rates can vary significantly from well to well.”
Molopo holds a 25% interest in this non-operated well, which is located in the Taylorton portion of Molopo’s Bakken acreage.