The company stated that it has drilled eight natural gas wells ahead of schedule. Four wells have reportedly been placed in production and four wells are in completion phase.
James Pagnum, Kinglake’s president, said: Our extensive geology study shows a uniform deposition of Devonian shale across the lease holdings. It is not uncommon for these highly stable wells to produce at a steady rate for decades. We are confident that in light of efficient recovery technology and soaring energy prices, our progress in the Devonian shale represents a tremendous investment opportunity for our company and shareholders.
