Winchester Energy (ASX: WEL) managing director Neville Henry and non-executive chairman Laurence Roe met with Small Caps to discuss the company’s recent oil exploration and production activities in Texas’ Permian Basin.
Following recent drilling success at the Mustang and Lightning oilfields in its respective White Hat Ranch and Arledge leases, the onshore oil producer is currently preparing to start oil production from its two latest wells.
With substantial production already under its belt, Mr Roe said Winchester aimed to “at least double that, if not more” when it brings the Arledge 16#2 and Mustang 20#5 wells online.
The company has also lined up several new wells for drilling including two development wells at Mustang, at least one well at Lightning plus new exploration targets at the Spitfire and El Dorado prospects.
In their interview, Mr Roe and Mr Henry also revealed why the Permian Basin is such an attractive investment for Winchester and provided insight on the company’s long-term strategy for its acreage.