The company revealed Monday the Emu Apple-1 well was flowing at a rate of 50 barrels of oil per day, with Armour estimating the well to still hold 100,000 barrels of recoverable oil.
Armour chief executive Robbert de Weijer said the resumption of output at Emu Apple marked a key milestone for the company.
“We are now generating our first cash flow and, due to our low cost structure, we should generate a very healthy margin from each barrel that we produce,” he said.
“Our
