Pedevco Corp. (PED)

[Carl H Hermansson]

Company: Dome Energy (Soon to be bought by PED) recently announced that their drilling program is under way. The target is a total of 4 wells, and the first two should by now be complete and in testing. These wells were not included in the numbers presented in the presentation by PED since the result is not yet publicly disclosed.
All oil from Dome Energy is conventional oil and gas with high quality, low costs and low decline rate meaning high revenue to drill the unconventional Shale oil wells that Pedevco currently hols licences to :)

https://www.domeenergy.com/press-releases/dome-energy-provides-an-update-on-the-orange-drilling-program/

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Following the successful initial Gulf Lee Hager Fee (GLHF) drilling program at the start of the year, the Company has identified further offset drilling potential within the field. Through the use of new subsurface data from the drilling program in conjunction with 3D seismic, the Company believes it has identified the same Frio trend in the South West of the field as found in the extensively drilled North.

Dome has contracted the Nicklos #2 Drilling Rig drill three directional wells from a single well pad targeting the trend as well as identifying potential shallower Miocene sands as found in the initial GLHF drilling program. Dome expects to spud the first of these wells by the last week of March.

Following completion of the drilling of the three wells, the rig will be moved to the GLHF location to drill the additional GLHF #41 well to further continue the appraisal program on the Hager Frio Sand trend.

Paul Morch, CEO commented; “We are continuing our development of the Orange field using the maximum geological and geophysical data at our disposal. Our aim as a Company is to minimize our risk to give the best return to our shareholders. In addition we are aiming to improve our IRR per well by using a single drilling pad for three wells. We have chosen to start the second stage of our Orange drilling program at our Peveto leases, and this will be followed by other stages on the Hager lease.”"