- Permex Petroleum Corporation (OIL) has started drilling on its Breedlove Field prospect in Martin County, Texas
- The PPC Eoff #3 well, operated by Permex Petroleum, is the first well to be drilled on the 31.4 sq. km. Breedlove oil field
- Two initial wells have been permitted and are expected to be drilled and completed on the property in the short term
- Permex Petroleum Corp. (OIL) is trading steady at C$0.135
Permex Petroleum Corporation (OIL) has started drilling on its Breedlove Field prospect in Martin County, Texas.
The PPC Eoff #3 well, operated by Permex Petroleum, is the first well to be drilled on the 31.4 sq. km. Breedlove oil field. Two initial wells have been permitted and are expected to be drilled and completed on the property in the short term.
Drilling of the first well began in mid-September, with a possible lateral conversion to follow upon successful mud logging and various zone tests.
The drilling and completion of the vertical well will take approximately 60 days, and for the horizontal well 90 days.
Permex Petroleum’s President and CEO, Mehran Ehsan, called this a transformative step towards the company’s next phase of growth and scalability.
“We are excited to not only have started the drilling program but to aggressively take advantage of the current high price environment and move the Company towards a cash-flow positive position.”
Permex Petroleum is a junior oil and gas company with assets and operations across the Permian Basin of West Texas and the Delaware Sub-Basin of New Mexico.
Permex Petroleum Corp. (OIL) is trading steady at C$0.135.
