Drake Pacific Enterprises said the current production is 300 barrels of oil equivalent per day (Boed), mainly because of the successful reactivation of the Sousa production. Production is anticipated to reach 350 Boed when the downspacing application is approved to let simultaneous production from the 13-12 and the new 11-12 well at Sousa. The new 11-12 well at Sousa is anticipated to qualify for the new 5% royalty rate. This assessment comprises of Drake Pacific Enterprises recently re-activated production at Sousa.
Despite recent energy prices and the new government royalty program, the team at DPE have managed to significantly increase shareholder value and this is well reflected in our new reserve evaluations and production levels. We believe the current uncertain times hold many opportunities and we are well placed to take advantage of them. said Roger Penner, Drake Drake Pacific Enterprises president.
