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Nextraction Energy starts 2-well summer drill program at Provost Viking

|Includes: Noble Corporation plc (NE)

Vancouver-based junior oil and gas company Nextraction Energy (CVE:NE) said Wednesday that a two-well summer drilling program has begun on its Provost Viking property in eastern Alberta.

The company said the first well will target the Viking formation, and will include a 1,200 metre horizontal leg, at a depth of 800 metres.

Nextraction has identified 11 follow-up locations that could be drilled immediately, with the potential for nine further wells, should down spacing be warranted.

The first well offsets previously-drilled vertical wells on the property that have produced more than 500,000 barrels of oil.

The company also said that it has re-completed an existing well on Provost that is now cleaning up frac fluid. In a statement, Nextraction said it is encouraged by the initial results, as they have met expectations and confirmed that reservoir pressure remains high in the pool.

In addition to the Provost pool, the company is producing light oil and liquids-rich gas at its Pinedale Anticline property in Wyoming.

Nextraction also has exploratory rights to conduct a three dimensional seismic survey and development opportunities in the Saturn project, located in eastern Montana.