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Pulse Oil Corp rises after announcing spudding first of two wells in Alberta

If the Bigoray wells are successful as anticipated, Pulse said infrastructure is expected to be completed to allow new production to flow by late April or early May

May of Alberta
The drilling of each Bigoray well is expected to take about 18 days

Pulse Oil Corp (CVE:PUL) climbed Monday after announcing that it has spudded, or begun drilling, the first of two new wells at the company’s Bigoray assets in Alberta.

Shares of the company advanced C$0.01 to C$0.16 in Monday’s Canadian trading.

READ: Pulse Oil gushes higher as it lifts output and works towards spudding first well since going public

The oil explorer said in a statement that it will drill back to back from an existing well site, which will become its central enhanced oil recovery (EOR) facility. The drilling of each well is expected to take about 18 days.

If the Bigoray wells are successful as anticipated, Pulse said infrastructure is expected to be completed to allow new production to flow by late April or early May.

Earlier this year, independent modeling at the asset lifted the initial amount of estimated discovered petroleum initially in place (DPIIP) by almost 44%, according to the company.

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com
 

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