Shares of Leucrotta Exploration Inc. (OTCMKTS:LCRTF) have been trading in a narrow range after the recent fall.
On Thursday, LCRTF stock ended flat at $0.6034 with more than 4k shares, compared to its average volume of 2K shares. The stock has moved within a range of $0.6034 – 0.6034 after opening trade at $0.6034.
Phase 1 Mica Pad Development Results by Leucrotta are Out!
Leucrotta Exploration Inc. (OTCMKTS:LCRTF) has announced on December 09, 2021 that its 4-well Montney Phase 1 Mica Test Pad is in full production mode. It has generated an average rate of around 1,700 barrels of light oil per day and 10 mmcf/d of liquids-rich gas per day for a total Pad production rate of 3,300 boepd over the last 10 days.
The company’s 2021 exit rate production is supposed to be at 5,000 boe/d after adding base production of approximately 1,700 boe/d to the new production. Gas produced by the well is being limited, for optimizing oil recoveries, apart from the wells flowing against approximately 400 psi of line pressure.
Wells were completed and tested separately (and also together) under several types of operating conditions, over a total combined time period of over 45 days to get as much information as possible for future development. Oil rates are promising, while oil to gas ratio is considerably higher than expected.
The company has come up with a detailed development plan in its Corporate Presentation to go up to 30,000 boe/d within a 5-year period. The Mica Test Pad is the first major milestone to be achieved. Construction of Mica Oil Battery and concurrent drilling and completion of Pads II and III, are the upcoming milestones.
LCRTF stock is trading below the 20-Day and 50-Day Moving averages of $0.7040 and $0.7089 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.6119. The stock is down 1% over the past month.