'We are very excited to sign this agreement as it will eventually give us full ownership of the Nicol Field, which we believe holds significant production and reserve upside,' said Arthur Millholland, Oilexco CEO and President.
The Nicol Field will be developed concurrently with Oilexco's 100% owned Brenda development located 10 km to the southeast. Development operations on the Nicol Field are expected to commence in June with the drilling of a single horizontal production well. Field development operations at Brenda are on schedule and under budget. First oil from the combined Brenda-Nicol developments continues to be targeted for October. Peak production rates net to Oilexco form the combined Brenda-Nicol developments are expected to be 35,000 barrels of oil per day.
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