Quarterly / Earnings Reports | Second Quarter (2Q) Update | Drilling Activity
Hemisphere Touts Huge Jump in Output from Q1, YOY; Talks Q2 Activity
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Hemisphere Energy reported a Q2 2018 update on operations.
- Hemisphere has continued to show significant progress in production growth. During the three month period ended June 30, 2018, the Company achieved an average corporate production rate of over 1,050 boe/d (96% oil), based on field estimates.
- This growth in production represents a 22% increase over the first quarter of 2018 and a 75% increase year over year.
Ops Update
Hemisphere is currently drilling the largest program in its corporate history with up to 11 wells. Drilling operations are expected to be completed over the next two months. To date in the current development program, the Company has completed the drilling of five wells with the sixth well being drilled at this time.
Completion and pipeline operations are ongoing in the field with the first two wells recently brought on production. All other wells drilled by the Company in this drilling program are expected to be tied-in and on production or waiting for injection approvals by the end of September 2018.
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