We are also enjoying low extraction costs and we expect that to go down, as a percentage of revenue, as more wells are brought on line and once we begin drilling the new wells.
GTO is committed to providing relatively low-risk oil & gas investment opportunities to qualified investors. As part of our commitment, we are looking for more cost-effective methods for extracting the oil. We hope to announce in the coming weeks a plan to reduce lifting costs significantly. Our plan, if successful, has the potential to bring extraction costs to a bare minimum and may help improve production. We’ll post more details as they become available.
Of course, we continue to perform re-work operations on the remaining wells. We hope to announce the successful re-work of our 8th well soon. We are also inching closer to commencing drilling operations on the 4 in-fill development wells. We are confident and excited about bringing that production online as well.
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