Tuktu Resources Ltd. ("Tuktu" or the "Company") (TSXV:
TUK) is pleased to provide an operational update on its discovery well.
On December 3, 2024, the Company issued a press release indicating that its discovery well was brought on production after an extended shut-in period due to normal-course, regulatory
requirements. Prior to the obligatory shut-in period, which commenced on October 8, 2024, the well produced at an average rate of 394 bbl/d with less than 1% water cut and about 3% of associated gas (on a boe basis) (please refer to the Company’s press release dated October 28, 2024, for more details). Since the Company’s well start up on December 1, 2024, the well has continued to yield encouraging rates. From December 1, 2024 to January 9, 2025, the well produced at an average rate of 445 bbl/d, with less than 1% water cut and approximately 5% of associated gas (on a boe basis).
From August 8, 2024 to January 9, 2025, the well has produced approximately 42 Mbbls of oil, and a production decline has not yet been established for this Mississippian-aged reservoir. Tuktu has an 80% working interest in this well.
With this new production since December 1, 2024, the Company’s net production, based on field estimates, has averaged 815 boe/d (55% oil).
Tuktu anticipates that it will spud a horizontal well, offsetting the existing producing well, within the next 15-30 days.