Tuktu Resources provides operational update

Tuktu Resources announced an operational update on its discovery well in Alberta’s Deep Basin. On 3 December 2024, the company indicated that its discovery well was brought on production after an extended shut-in period due to normal-course, regulatory requirements.

Prior to the obligatory shut-in period, the well produced at an average rate of 394 bbl/d with less than 1% water cut and about 3% of associated gas (on a boe basis). Since the company’s well start up on December 1, 2024, the well has continued to yield encouraging rates.

From 1 December 2024 to 9 January 2025, the well produced at an average rate of 445 bbl/d, with less than 1% water cut and approximately 5% of associated gas (on a boe basis).

From 8 August 2024 to 9 January 2025, the well has produced approximately 42 million bbls of oil, and a production decline has not yet been established for this Mississippian-aged reservoir.

Tuktu has an 80% working interest in this well and anticipates that it will spud a horizontal well, offsetting the existing producing well, within the next 15-30 days.