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PEDEVCO Announces Update On Its On Three New Wells In Permian Basin

Author: Benzinga Newsdesk | April 17, 2024 07:39am

The Company drilled and completed three horizontal San Andres wells in its core Chaveroo Field in the Permian Basin with its strategic partner Evolution Petroleum Corporation.
The wells were drilled in Q4 2023 and completed in January 2024, with first production commencing the last week of January 2024 on one well and early February 2024 for the other two wells.
All three wells peaked at between approximately 300 to 375 gross barrels of oil equivalent ("BOEPD") per well (~80% oil) in late February.
The Company is pleased with the early production results, with the wells currently performing in line with expectations, but with shallower, better-than-expected declines which have yielded an average of over 750 BOEPD gross for the last 30 days.
The Company is working with Evolution to plan the next phase of development over the coming months.

Posted In: PED